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Full text of "Annual Report of the Secretary of the Treasury on the State of the Finances"

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REPORTS 



SECRETARY OF THE TREASURY 



UNITED STATES, 



IN OBEDIENCE TO THE ACT OF MAT !(l, leOO, 



THE REPORTS OF ALEXANDER HAMILTON, 



PUBLIC CREDIT, A NATIONAL BANK, MANCPACTURES, 



THE ESTABLISHMENT OF A HINT. 



• WASHINGTON: 
nUHTBD BY BLAia * RITES, 



i83r. 

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TABLE OP CONTENTS. 



Report by Mr. Dallas on Ibe Pintuices - 
Report bf Mr. Crawford oo ibe Pinances 
Report I7 Mr. Crftwlord on (he Fioances 
Report br Mr. Cr»vfard on (he Finances 
Report bj Mr. Crawford oa (he Fininces 
Report by Mr. Crawford on the Fioinees 
Report bj Mr. Crawford on the Finances 
Report by Mr. Ciairford on (he Finances 
Repon by Mr, Crawford on the Finances 
Report by Mr. Crawford on (he Fionnces 
Report by Mr. Bnxh on the Finances - 
Rqwrt by Mr. Rush on the Finances - 
Report by Mr. Rush on the Finances - 
Report by Mr. Rush oa (he Finances - 
Report by Mr. Crawford on the state of the Currency of the 



December, 


181& 


December, 


1816 


December, 


1817 


Korember, 


leis 


December, 


1819 




16S0 


December, 


18S1 


December, 


1832 


December, 


1633 


December, 


1S34 


December, 


1825 


December, 


1836 


December, 


isn 


December, 


IS38 


u(ed States, in 


1830 



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REPORTS 

SECRETARY OF THE TREASURY OF THE UNITED STATES. 



REPORT ON THE FINANCES. 

DECEMBER, 1816. 

In obedience to the acts entitled, respectively, " An act to establish the 
Treasury Department," and " An act supplementary (o the act entitled < An 
act to establisK the Treastny Department,' " the Secretary of the Treasury 
has the honor to lay before Ctngress the foUowiog report : compiehendio^, 

1. A cursory revie^r of the financial operations of the Government, m 
reference to the recent state of war : 

2. A view of the finances for 1815, with estimates of the pnblic revenue 
and expenditures for 1816 : 

3. Propositions for the improvement and management of the revenae, 
and for the support of public credit 

I. A cursory review of the financial operaiiona of tht Government, in 
reference to the recent state of war. 

In order to introduce to the consid^ation of Congress, with advantage, 
the measures which will be reepectfnlly su^^esled for replacing the finances 
of the United States upon the basis of a peace estabtisbment, a review 
of the financial operations of the Government, in reference to the recent 
state of war, appears to be a necessary preliminary. 

The restrictive system, which commenced in the year 1607, greatly di-! 
minisbed tbe product of the pubtic revenue ; but it was not until the cri^ 
involved an actual declaration of war, that the uigmenladon in the expenses 
of the Government became obvious and important. With the occasional 
aid of temporary loans, tbe ordinary receipts of the Treasury had exceeded 
the ordinary expenditures, evea during a period of a suspended commerce ; fl ) 
and a report from this department, presenting the eBtimates for ttie 
year 1812, seems to have given the first intimation that the portion of ex- 
traoidioary expenses to be incarred for the military and naval service, on 
account of the then existing state of the country, would raise the demands 
upon the Treasury to a considerable HmouDt beyond the estimated product 
of the current revenue. (2) The ordinary disbursements for the year end- 
ing on the 30th September, 1811, were stated as amounting to the sum of 
$13,052,657 73 ; and the ordinary receipts for the same year were stated 
as amounting to the sum of $13,541,446 37, independent of a temporary - 
loon, (raised in 1810, and repaid in 1811,) as well as of the balances in 
the Treasury at the commencement and the close of the year. But the 



(3) Beetheannuol report ortheSecreiaryofihe Treasury, daled ihe EdNo^f.lBll. 

Dig tizedoy Google 



6 REPORTS OF THE [1815. 

estimates for the yeat 1812 reqaired, on account of the cnrrent expenses, 
the sura of $9,400,000— 

For the civil and diplomatic departtnenis - $1,260,000 00 
For the military department, (mcluding the 
militia, the Indian department, the cha^ 
of arsenals, army, ana ordnance, &,c.) - 3,416,000 00 
For the naval department - - - 2,500,000 UO 

And for the interest on the public debt - 2,226,000 00 

$9,400,000 00 

And the subsisting revenue to meet these expenses was 
estimated at the sum of $8,200,000 ; proceeding — 
Prom the customs - - - - $7,500,000 00 

From the sale of public lands - - 600,000 00 

And from miscellaneous payments • - 100,000 00 

8,200,000 00 



Leaving a deficit, for which it was proposed to provide by a 
loan, amounting to the siun of - - • $1,200,000 00 

Such were the limited ottjects of expense, and such the limited means of 
tnppty, at the commenceoieDt of the year in which wu was declared. An 
increase of the expense, and a diminution of the supply, must have been 
anticipated, as the mevitatte conaequenoes of that event ; but the Ciovern- 
ment reposed with confidence for all the requisite support upon the untried 
resources of the nation, in credit, in capita^ and in industi^. The confi- 
dence was justly reposed; yet it may, perhaps, be considered as a subject 
fi}r regret, and it certainly nimishes a lesson of practical policy, that there 
^ist^ no system by which the internal resources of the counby could be 
brought at once into action, when the resources of its external commerce 
became incompetent to answer the exigenciee of the time. The existence 
of such a system would probably have invigorated the early movements of 
the war ; might have preserved the putJic credit unimpaired ; and would 
have rendered the pecuniary contributions of the people more equal as well 
as more efl!ective. But, owmg to the want of such a system, a sudden and 
k almost exclusive resort to the public credit was necessarily adopted, as the 
I chief instrument of finance. The nature of the instrument employed was 
soon developed ; and it was found that public credit could only be dumbly 
tnaintaioed upon the broad foundadons of public revenue. 

On the opening of the session of Congress, in November, 1811, tbe le^- 
lative attention was devoted to the organization of the military and naval 
departments, upon the enlarged scale of a war establishment ; so that the 
appropriations for this purpose far exceeded, in a short time, the estimates 
and the resources of the Treasury, as they have been already described. 
Ways and means were therefore provided to meet the extraordinary de- 
mands thus created ; but they were derived exclusively Irom the operations 
of foreim commerce and of public credit 
'-:-- 1. Tne Mediterranean fund was aX first continued, until the 4th of March, 
1813, and afterwards until March, 1816, (when it became extinct,) affording 
an additional duty of 21 per cent, ad valorem, on all imported goods paying 
duties ad valorem ; and a discriminating duty of 10 per cent upon that ad- 
ditional duty, in respect to all goods imported in vessel^, not of the United 
States. (3) 

(3) See the aei of the 35th March, IBM : T vol. 133 ; aod the 31st Jannoir, 1613: 11 toI. 
28 1 and the act of Ihc S7th Februuy, 1813: 11 vol 401. 



1815.] SECRETARY OP THE TREASURY. 7 

„^ 2. There wereimpoaedanadditionaldutjrof 100 per cent upon the per- 
manent duties on goods imported into the United States from any foreign 
place ; a discriminatmg dnty of 10 per cent, upon that additional duty, in' 
respect to all goods imported in vessels not of the United States ; and an 
additional duty of 91 50 per ton (the previous dnty being at the rate of 60 
cents per ton) upon all vessels belonging wholly or in part to the subjects 
of foreign powers. But the continnance of the act being limited to the ex- 
piration of one year after the ccnclusion of the peace, these additional duties 
wilt cease on the 17th of Pebruajy, 181& (4) 

3. An authoritywasgiTentorai»e|byloan,asumiiotexceeding 11,000,000 
dollars, and to create tSack. for the amonnt, bearing interest not exceeding, 
the rate of 6 per cent per annum, and reimbursable at any time after the 
expiiationoftwelveyearsfromtbelstof January, 1813. The payment of the i 
interest, and tberedemption or the purchase of this stock, are charged upon 
the sinking fund. (5) 

4. And an authority was girea to issue Treaimry notes, for a sum not ex- 
ceeding $5,000,000, bearing interest at the rate <A 6f per cent per annum,) 
and reimbursable at such places, respectiTely, as shoald be expressed on the 
&ce of the notes, one year after the day on which the same shaU have been 
issued. The notes were declared to be receivable in payment of all duties 
and taxes laid by the United States, and all pnbhc Und sold by their au- 
thority ; and the payment of the interest, and the redemption or the purchase' 
of these notes, were charged, like the funded debt, upon the sinking fund. (6) 

The effect of the additional ways and means provided by Congress, from 
time to time, daring the late war, may readily be traced. From the report 
dated- the 1st of December, 1813, it appears, that the actual receipts into the 
Treasury, during die year ending on the 30th of September, 1S12, including 
aportioD of the wan, and of the issue of Treasury notes, amounted to the sum 
oi $16,782,169 40, (almost double the amount of the previous estimate,) 
and that the actual disbursements for the same year amounted to the sum of 
1^16,368,326 07, (which was almost double the amount of the previous 
estimate,} independent of the balances in the Treasury at the ccnnmence- 
ment and the close of the year. (7) But the estimates for the year 1813 re- 
quired, on account of the accumulating expenditures, a sum of |E31,926,000. 
For the civil and diplomatic departments - - 91,600,000 

For the military department .... 17,000,000 
For the naval department . - . . 4,925,000 

And for the interest and reimbursement of the principal of 
the pubUc debt ...... 8,600,000 



And the subsisting revenue to meet these expenditures 
was estimated at the sum of 812,000,0©0j proceeding, 

From the cnatoms - - - 11,600,000 

From the sale of public lands, Jtc. - 600,000 



$31,926,000 



12,000,000 



4) See the act of the 1st of July, 1819; 11 voL S61. 
"^ See ihe act of the Uth March, 1813: 11 toI. Tt. 

Seelbeactof Hie30lhJuiie,18iar 11 vol.355. 

See the annnal repon of the Secreiaiy of the TrusDrjr, dated the Ist of December, 1812 



tizedoyGOOJ^If 



8 REPORTS OF THE [1816. 

Leaving & deficit, lor which it was propoeed to 
provide: 1st, by the outstanding balances of the 
authorized loan and issue of Ti^stiry notes ; and 
2d, by a new authority to borrow, and to issue 
Treasury notes to the amount of - - • $19, 925,000 

During the session of Congress which commenced in November, 1812, 
aod closed on the 3d of March, 1813, the af^TopriationB for the army, the 
navy, and the other branches of the pubhc service, were coDsidembly aug- 
mented ; but, without adverting to the imposition of a small duty upon im- 
ported iron-wire, (8) no new sourca of revenue was then opened; but 
additional aid was extehded to the Treasury, by authorizing a repetitioo of 
the appeal to public credit. 

1. An authority was given to raise by loan a sum not exceeding 16,000,000 
of dollars, and to create stock for the amount, bearing interest not exceeding 
the rate of 6 per cent, per annum, and reimbursable at ttay time after the ex- 
piration of 12 years from the 1st of January, 1814. The payment of the 
interest, and the redemption or purchase of this stock, are chained upoti the 
sinking fund. (9) 

2, And an authority was given to issue Treasury notes, for a sum not 
' exceeding $6,000,000, absolutely ; with a p'Ovisional authority to issue an 

additional sum of 95,000,000, to be deemed and held to be a part of the loau 
of $16,000,000 authorized, as above stated, to be raised. 1'he ttotes were 
to bear interest at the rate of $5) per cent, per annum; to be reimbursable 
at such places rtsspectively as should be expressed on the face of them, one 
year after the day on which they should be issued ; to be receivable in pay- 
ment of all duties and taxes laid by the United Stales, and all public lands 
sold by their authority; and the payment of the interest, and the redemp- 
tion or purchase of these notes, were cliarged, like the hmded debt, upon 
the sinking fnnd. (lOJ 

The necessities of ine Treasury becoming, however, more urgent, and the 
reliance on the public credit becoming more hazardous, Congress determined, 
at a special session which commenced in May, 1813, (o lay the foundation of a 
system of internal revenue ; selecting, in particular, those subjects of taxation 
which were recommended by the experience of a former period, and com- 
puting their general product at the sum of $6,000,000. (II) The continu- 
ance of these taxes being limited, at first, to one year afier the termination 
of the war, they acquired the denomination of the "w^ taxes;" but by sub- 
sequent laws almost all the existing revenues are pledged, with Ihe faith of 
the United States, to provide for the payment of the expenses of Govemmenl, 
for the punctual payment of the public debt, principal and interest, according 
to the contracts, and for creating an adequate sinking fund, gradually to re- 
duce, and eventually to extinguish, the public d^; until those purposes 
shall be accomplished, or until Congress shall provide and substitute by law, 
for the same purposes, other duties, which shall be equally productive. In 
the session of May, 1813— 



(10) See the act of the 25th of Febriiary, 1813: II vol. 3T7. 

(11) See the letter of che Secretaiy of the Treasury to (he chainnan of ihe Commitlee of 
'Wsys and Means, dated January 10. 1812, and ihe report of the aciing Secretary of the 
Treasury, daied June 2d, 1813. 



oy Google 



1815.] SECRETARY OP THE TREASURY. 9 

1. A direct tax of $3,000,000 was laid upon the United Slnles, and^ 
apportioned to the States re^iectively, for the year 1814 ; and it was after- 
WBids sut^ected to the geaeral pledge above slated. (12) 

2. A duty of four cents per pound was laid upon all sugar refined within \ 
the United States. The continuance of the duty was limited to one year 
aAer the war ; and as the general pledge Has not been applied to it, the duty 
will cease on the 17th of February, im6. (13) 

'i. A duty was laid upon all carriages for the conveyauoe of persons, 
kept by any person for his own use, or to be let out for hire, or for the con-j 
veyance of passengers, which was giaduated, according to the denomination 
of the carriage, from the yearly sum of twenty dollars to the yearly sum of 
two dollars. The continuance of this duty was originally limited to the 
war ; but the general pledge has been applied to it, with some modifications 
in the mode oflaying and collecting the duty. (14) 

4. A duty was imposed on liseuaes to distillers of spirituous liquors, < 
which was graduated according to the capacity of the still, the time of. em- ' 
ploying it, and the materials consumed. The continuance of this duty was 
origindly limited to the war ; but the ^neral pledge has been applied to it, 
wim considerable modifications in the principle and provisions of the 
law. (15) 

6. A duty was laid on sales at auction, of merchandise, and of ships and i 
vessels, at the rate of one per cent, of the purchase money of goods, and ofl 
twenty-five cents for every hundred dollars of the purchase money of ships 
and vessels. The continuance of this duty was originally limited to the 
war ; but the general pledge has been apphed to it, with a considerable ad- 
dition to the amount, and a modification of the provisions of the law. (16) 

6. A duty was laid on licenses to retailers of wines, spirituous liquors,' 
and foreign merchandise, graduated according to the place of retailing, and' 
the nature of the article retailed. The continuance of this duty was origin- 
ally limited to the war : but the general pledge has been applied to it (17) 

7. A duty was laid on notes of banks and bankers, on bonds, obligations, 
or promissory notes, discounted by banks or bankers, and on foreign or 
inland bills of exchange above fifty dollars, and having one or more eudors- 
ers, graduated according to the nominal amount of the instrument. The 
continuance of this duty was limited to one year after the war ; and as the 
^neral pledge has not been applied to it, the duty will cease on the 17th of 
February, 1816. (18) 

But besides the direct tax and the internal duties, there were added to 
the resources of the Treasury, during the sessions of May, 1813 — 

8. A duty of 20 cents per bushel upon all salt imported fiamooy foreign, 
place into the United States, which, being Umited to the war, and not being . 
included in the general pledge, will cease on the 17th of February, 1816. (1^ 

9. And an autnority to raise by loon a sum not exceeding $7,500,000, ana. 
to create stock for the amount, reimbursable at any time after the expiration 
of twelve years from the 1st of January, 1314. The rate of interest was not 

(12) See the acts of Ihe 22d of July, and the 2i August, I8I3, and Kh January, 1815; 
13 vol. 53. 135. 35. 

(13) S«eiheaciofibeSlikJQly,J813: 12 vol. 88. 

tU) See [he acts ofthe^th July, lf^l3, and 15ih December, 18U: 13 vol. 101. IS. 
(I5j SeeiheacLioftheflllhJuly, 1813, and Sllh December, I8H: 12 vol. 105. IB. 
(IB) SeelheacBof the 24ih July, 181B, and 23d Decwnber. 18U: 13 vol. 111. M. 

(17) See the acts of the 2d of August, 1813, and 33^ecembBr, 1811: 19 vol. 184. ». 

(18) SeethBacloflheadofAagaa, 18I3L.13 vol.Wt. 

(19) See Ihe act oflheMthofJuly, 1813: 12 vol. 137. 



.„Gooj^lf 



10 REPORTS OP THE [1815. 

limited'by the l&v, but it was provicled that no ceitificatd of stock should 
be sold at a lete less than 88 per cent, or $88 in money for $100 in stock. 
The payment of the Interest, and the redemption or the purchase of (his 
stock, are charged upon the sinking ftind. (20) 

The sources of revenue thus opened in 1813 could not, however, be ex- 
pected to aid the Treasury until 1814; and, accordingly, in the annual re- 
port fiom this department, dated the 8th January, 1814, neither the direct 
tax Qor the internal duties will be found as an item of the actual receipts 
into die Treasury during the year ending the 30th of September, 1813. 
The amount of those receipts was stated in the proceeds of the customs, of 
the sales of public lands, &c., at $13,66S,042 43, and in the proceeds of 
loans and Treasury notes, at $23,976,912 60, making, together, 
$37,644,964 93 ; and the actual di^ursements of the same period were 
stated at $32,928,965 19, independent of the balances in the Treasury at 
the commencement and the close of the year. (21) But the estimates for the 
year 1S14 required a sum of $46,360,000 : 
For civil, diplomatic, and miscellaneous ex- 
penses . - - . §1,700,000 
For the pajrment of interest on the old and 
new debt, end the instalments of the prin- 
cipal of the old debt - - - 12,200.000 
For the military establishment • - 24,660J000 
For the naval establishment - - 6,900,000 



And the subsisting revenue to meet these ex- 
penditures was estimated at the sum of 
$14,370,000, proceeding— 
From the customs, and sales of public lands $6,600,000 
From the internal duties and direct tax - 3,600,0(XI 
From abalanceofloansandTreasurynotes 4,270,000 



$45,360,000 



14,370,000 



Leavinga deficit, for which it was proposed to provide — 
1st. By a part of the balance in the Treasury ; and 
2d. By loans and Treasury notes, amounting to - - $30,990,000 

For the deficit thus approaching the sum of $40,000,000, the only provi- 
sion made during the session which commenced in December, 1813, rested 
again upon the public credit. 

1. An authority was given to issue Treasury notes, for a sum not exceed- 
I ing $6,000,000 alwolutely, with a provisional authority to issue an addition- 
al sum of $5,000,000, to be deemed and held to be apartofwiy loan which 
might be authorized during the session. The notes were to bear interest, 
at Uie rate of $6} percent per annum; to be reimbursable at such places, re- 
spectively, as should be expressed on the face of them, one year after the 
day on which they should be issued ; to be receivable in payment of all du- 
tiesand taxes laid by the United States, and all public lands sold by their au- 
thority; and the payment of the interest, and the redemption or purchase of 
these notes, were charged, like the fiinded debt, upon the sinking fund. (22) 

2. And an authority was given to raise, by loan, a sum not exceeding 
$26,000,000, and to create stock for the amount, reimbursable at any time 
after the expiration of twelve juars, from the hut day of December, 18L4, 

m\ See Ihe&ctofiheSdofAtiguat, 1813; ISvoLSOO. 

(SI) Bee thtaDDDilReportofitie acting Secretarr of the Treasury, daUdSUi Jan. 181t. 

(38) See Uie act of ihe 4A March, 181i: 12 vol. 876. 



1815.] iSECRETARY OF THE TREASURY. 11 

Neither the rate df the interest, nor the price of the atack, vns Hmited ; 

and the paytnent of the interest, and the redemptton or the purchase of the 

stock, are chained upon the sinking fund. (23) *" 

The embarriissmeiits of the Treasury, after me adjournment of Congress, 

in the year 1B14, became extreme. It appears (34) that the disbursements 

during the first half of that year had amounted to the enm of $19,693,781 27. 
For the civil, diplomatic, and miscellaneous expenses - $1,444,762 60 
For the military department - - -, - 11,210,338 00 
For the nanil department - - • - - 4,013,199 90 
For the public debt 3,026,580 77 



19,693,781 27 



And tbe. balance of the appropriations Jbr the^me objects 
of expenditure, required during the other half of the 
same year, was stated at the sum of - - - 27,676,391 19 



$47,270,172 46 
Bat the actual receipts into the Treasury, during the first 

half of the year 1814, had amounted to $19,219,946 33 ; 

proceeding— 
From the customs - . - - $4,182,088 25 

From the sale of public lands, (including; 

those in the Mississippi Territory, the 

[noceeds of which are payable to the 

St^e of Georgia) 
From the internal duties and direct tax 
FriHo postage and incidental receipts 
Prom loans .... 

From Treasury notes . - - 

$19,219,946 33 
And it was estimated thftt there would be 
received &om the same sources of reve- 
nue,(includingloans and Treasury notes 
to tbe aiiiountof$»,320,000,)duringthe 
odier half of the same year, the sum of 13,160,000 00 




32,379,946 33 
To this amount add the balance of the cash 
in the Treasury, on the 1st of July, 1814, 4,722,639 22 



And the estimated a^regate of the funds, 
to meet the demands on the Treasury, to 
^ close of the year 1814, was the sum of - - 37,102,585 66 

Learing a deficit for the service of 1814, after absorbing 
all tbe cash of the Treasury, amountii^ to the sum of - $10,167,68 6 91 

To sapply this deficit of $10,167,586 91, to provide an additional sum 
fc^ AecoQtiDfienciesof the year, and to accelerate the fiscal measures which 
woe essential to the prosecution of the war in 1816, the interposition of 
ibe LegisIiUnre was deemed indispensable. The plan of finasce, which 

(SI) 8eetb«BCtof lheS4tbaf March, 1814: 13vol.309. 

(M) 8ee llie aonoal report of tbe Sectetary of itieTt«>siu;,daH4S3dSepienba^ in4| 



13 REPORTS OP THE [1816. 

vas predicated upon the theory of defraying the extraordinary expenses of 
the war by successive loans, had alreody become inoperalive. The pro- 
• . duct of the revenues had ceased to furnish an amount equal to iheexpendi- 
' lure of the former pence eslabiishmeni, with an addition of the interest 
' Qpon the debt contracted on account of the war. And the suddbo suspen- 
sion of specie paymenls, at the principal banks, established in thd different 
Slates, (however it may be excused or justified by the apparent necessity 
of the case,) had exposed the Government, as well as private citizens, to all 
the inconveniences of a variable currency, devoid alike of national authori- 
ty and of national circulation. The Treasury could no loujger transfer its 
funds from place to place, and it became, of course, impracticable to main- 
tain the accustomed punctuality in the payment of the public eneagements. 
^ Under these circumstances, the Congress was convened, by the special 
call of the President, iu September, 1814 ; when the citizens of every occu- 
pation and pursuit seemed eager to second the legislative efforts to re* 
plenish aa exhausted Treasury, and to renovate the public credit. Com- 
merce continued to contribute, perhaps, to the extent of its capacity. Agri- 
culture, though suffering the want of a vent for some of its important staples, 
was everywhere prepared for the requisite exertion. Domestic manufac- 
tures, which hod scarcely surmounted the first strug^e for existence, yielded 
to the patriotic impulse. And the capital of individuals, in all its variety 
of form, offered a ready tribute, to relieve the necessities of the country. 
Thus, during the session which commenced in September, 1814, and closed 
on the 3d of March, 1815, ihe following internal duties were increased in 
their amount, the duties were rendered permanent, and the general pledge 
was applied to I hem : 

(1)' The direct tax was raised to an annual sum of $6,000,000, (26) 
and it was extended to the District of Columbia. (26) 

(2) The duty on carriages was raised, and a duty on the harness was 
added.(27) 

■ (3) The duly on licenses to distillers of spirituous liquors was con- 
tinued, and a duty ou the spirits distilled was added. (2S) 

(4) The duties on sales at auction, and on licenses to retail wines, 
and spirituous liquors, and foreign merchandise, were raised. (29) 

(5) The rates of postage were raised 50 per cent. (30) 

2. The following new duties were permanendy laid, and the general 
pledge was opplied to them. I)ut it was at the same lime declared, that so 
long as the duties imposed on the articles of domestic manufacture should 
continue to be laid, the duties then payable on the like descriplion of goods, 
imported into the United States, should not be discontinued or diminished. 

1. Duties on various articles, manufactured or mode for sale within the 
United Stales, or their Territories, as specified in the annexed table, 
marked B. 

2, Duties on articles in use : (31) to wit : 

On household furniture, the value in anyone family (with certain excep- 
tions.) exceeding $200 in money, according to a scale graduated from 
SI on a value of $400, to $100 on a value of $9,000. , 

(25) See the act of the 9ih of Jannaiy, 1815 : 12 vol. 33. 

(0) Seethe act of the 27th February, 1815; 13vot.ll9. 

(BT) See the ad of the 15ih of December, 1814 : IS vol. 12. 

fS8) See the act of (he 2lsl of December, 1814 : 12 vol. 18. * 

(29) See the act of Ihe 23d of December, 1814 : 12 vol. 36. 

(30) See the act last qnoled. 

(31) See Ihe act of the ISih of Juinary, 1815 ; 12 vol GS. 



tizedoy Google 



1815.] SECRETARV OF THE TREASURY. 13 

On every gold watch kopt for use, $2. ' 

On every silver watch kept for use, $1. 

But, besides establbhing; these sources of revenue, (and others were con- 
templated at the period when the treatyof Ghent was announced,] Congress 
soaghl to confer npon the Treasury the means of anticipating the collectioa 
of the duties ; of recovering the punctuality of its paymeiils; and of invit- 
ing the co-operation of the moneyed institutions, and moneyed men of the 
United States, in plans for restoring a imiform national currency. 'With' 
these views, various mea5ures were sanctioned. 

1. An authority was given to raise, by loan, a sum not exceeding 
$3,000,000, (particularly destined to provide for the expenditures of the 
last quarter of the year 1814,) and to create stock for the amount, reimburs- 
able at any time after the 31st December, 1814. No limitation was pre- 
scribed as to the rate of interest, or the price of the stock; but it was de- 
clared, that in payment of subscriptions to this loan, or to loans authorized 
by any other act of Congress, it should belawftil to receive Treasury DOtes, 
becoming due on or before the Lst of January, 1S15, at their par Tolue, 
together with the interest accrued. 

The payment of the interest, and the redemption or the purchase of the 
stock to be thus created, were charged upon the sinking fund ; but the act 
contained these further assurances : 1st, that in addition to the annual sum 
of 38,000,000, heretofore appropriated to the sinking fund, adequate and 
permanent funds should be provided and appropriated, during that session 
of Congress, for the payment of the interest and the reimbursement of the 
principal of the slock ; and 2d, that an adequate and permanent sinking , 
fund, gradually to reduce, and eventually to extinguish, the public debt , 
contracted durmg the war, ^ould also be esti^lisbea during the same ses- 
sion of Congress. (32) 

2. An authority was given to anticipate the collection and receipt of the 
duties on licenses to distillers of spirituous liquors, and on distilled spirits, 
by obtaining a loan upon the pledge of the duties, to an amount not exceed- 
ing $6,000,000, and at a rate of interest not exceeding six per cent, per 
annum. (33) And a similar authority was given to raise a like snm, at the 
same rate, by the pledge of the direct tax. (34) 

3. An authority was given to issue Treasury notes, for so much of the 
sums authorized to be mrrowed under the acts of the 24th of March, and ^ 
the 15th of November, 1814, as had not been borrowed, or otherwise em- 
ployed in the issue of Treasury notes ; provided that the whole amount 
should not exceed the sum of $7,600,000. And, by the same act, en au- 
thority was also given to issue a further sum of $3,000,000, to supj^y a, 
deficiency in the appropriations for the expenses of the War Department. 
The Treasury notes issued under these autiiorities were, in all respects, 
similar to the prior issues of Treasury notes ; except that the payment of 
the interest, and the reimbursement of tiie principal, were not, as hereto- 
fore, chained upon the sinking fund, but upon any money in the Treasury 
not otherwise appropriated. (36) 

4. An authority was given to issue and re-issue Tieasniy notes, for a 
suta not exceeding $25,W)0,000, upon principles essentially different from 
the prior issaea. (36) 



^) Bea the act of die ISthof Dec. 1S14; 13vo).!l. 

(38) See tut sec. of die act otxhe Slst of Dec 1811 : IS vol. 9$. 

j34) See die last wc. of the set of the 9tb of Jan. 1816 : U nd. 58. 

m) 8Mtheftctorthe«thofDec.lSU:13To].30. 

(M) See UuMtoTUieShhof Feb, 1616; Uvol.llS, 



.„Gooj^lf 



14 REPORTS OP THE [1816. 

I (1.) These Treasury notesmightbeofanydenomination. Iftheywere 
I of a denominatioD less than $100, they were to be payable to the bearer, to 
be transferable by delivery, and to bear no interest. This denominatioQ 
has acqnired the designation of " small Treasury notes." If they were of 
the denomination of f 100 or upwards, they might conform to the foregoing 
description ; or they were to be payable to order, to be transferable by eai- 
doisement, and to bear interest at the rate of SKper cent, per annum. This 
denomination (of which only notes for QlOO bearing interest have been 
issued) has acquired the designation of " I'reastiry notes of the new emis- 
idon." 

(2.) The principal and interest of these Treasury notes are not payable 
at any particular time ; but the notes ate everywhere receivable in all pay- 
ments to ^e United States. 

(3.) The headers of " small Treasury notes" may exchange them at 
pleasure, in sums not less than $100, for certificates of funded stock, bear- 
' ing interest at 7 per cent, per annum, Irom the first day of tlie calendar month 
next ensuing that in which the notes sliall be presented to the Treasury of 
the United States, or to a commissioner of loans, for the purpose of ex- 
change. 

(4.) The holders ol ■' Treasury notes of the new emission" may ex- 
change them at pleasure, iu sums not less than $100, for certificates of 
funded stock, bearing interest at 6 per cent, per annum, from the first day 
of the calendar month next ensuing that in which they shidl be presented 
to the Treasury of the United States, or a commissioner of loans. 

(5.) The stock thus created, by the exchange of Treasury notes of either 
I denominatioD, is reimbursable at any time afler the 3Ist of December, 1824, 
and it is charged upon such funds as had been, or should be, established by 
law, for the payment and reimburaement of the funded public debt, con- 
tracted since ute declaration of war. 

6. An anthority, was given to raise, by loan, a sum not exceeding 
$18,452,800, and to create stock for the amount, reimbursable at any time 
after the expu^tion of twelve years Irom the last day of December, 1616. (37) 
Neither the rate of interest, nor the price of the stock, was limited ; 
but it was declared that there might be received, in payment of subscrip- 
tions to the loan, such Treasury notes as were actually issued before tne 
passii^ of the act, and which were made, by law, a charge on the sinking 
mnd. (38) And the payment of the .interest, and the reimbursement or the 

Rutchase of the principal of the stock, are charged upon the sinldtig 
md.(39) 

6. It was declared that any holder of any Treasury notes, issued, or 
authorized to be issued, under any laws prenoualy passed, might convert 
them into certificates of funded debt, bearing an interest of 6 per cent, pw 
annum. (40) 

7. And it was declared that it should be lawfbl for the Secretary of the 
Treasury to cause to be paid the interest upon Treasury notes which have 
become due and remain unpaid, as well with respect to the time eliqised 

I before they became due, as with respect to the time that shall elapse after 
they become due, and until funds shall be assigned for the payment of the 
stud Treasury notes, and notice thereof shall be given. 

raT) Sm tbe act oTthfSd of Hatch, leiS: I3*ol. 14&. 
(38) 8«e Uw act last quoted i sec. & 
{3D)IilaiL see.4. 

(40) 8eatte9thMC.oflkeactofthe9ilhFeb.1816; )3vd,ll&,^ , 

. .„LTOOJ^If 



SECRETARY OP THE TREASURY. 



15 



1816.] 

The pn^ress of expeaditure and of revenue, fot the entire period of the 
xrar, is thaa developed ; and, independent of the balance of the appropriB' 
tions for the year 1814, which is tmnsferred to the accounts for me year 
1815, the sabject may be reduced to the following general abstract 

THE ACTUU. EECEIFTB OP THE TKEA8UIIT. 

In 1812, tliey amounted to the aam of - • - $22,639,032 76 

From revenue - - -$9,801,132 76 

From loans - - . - 10,002,400 00 

From Treasury notes - - 2,835,500 00 

In 1813, they amounted to the sum of - - - 40,524,844 96 

From revenue - - - 14,340,709 95 

From loans • . - - 2(^089,636 00 

Prom Treasury notes - - A094,500 00 

In 1>814, they amounted to the sum of - - - 3^78,432 25 

From revenue - - - 11,500,606 25 

From loans . . - . 15,080,546 00 

From Treasury notes - - 8,297,280 00 

The affgre^te amount of the receipts into the Treasury, ^*%i ^ 

for the three jrears of war, being the sum of - - $98,042,305 9& 



THE ACTDAt DISBOB8BMBNT8 OF TBB TREAiliniT. 

In 1812, they amounted to the sum of - - $22,279,121 16 
For the civil, diplomatic, and miscellaneous expenses 

of the Government - - $1,791,360 31 
For the mihtary service (including the 

Indian department)- - - 12,078,773 24 

For the naval service - - - 3,969,365 16 

For the public debt - - - 4449,622 45 

In 1813, they amounted to the sum of - - - 39,190,620 36 

For the civil, diplomatic, and miscella- 
neous expenses of Government - 1,833,308 SO 

Foi the military service (including the 

Indian department)- • - 19,802,488 02 

Fot the naval service - - - 6,446,600 10 

For the public debt - - -11,108,123 44 

In 1814, they amounted to the sum of - - - 36^7,916 62 

For the uvil, diptonudic, and miscella- 
neous e^enses of Government . - 2,337,897 13 
For the military service (including the 

Indian deportment)- - - 20,610,238 00 

For the naval service- - - 7,31^899 90 

. For the pubUc debt - .- 



$100,017,567 13 



tizedoy Google 



16 REPORTS OF THE [1815, 

But as the receipts of the TreosuTy, for the year 1816, are derived prin- 
cipally from the war revenue and resources, and as its expenditures arise, 
also, principally from the Drrearages of ihe war demands, it is proper to 
comprise them, as far as they are ascertained, in the following supplemen- 
tal statement : 

1. The gioss receipts of the Treasury for 1812, 1S13, and 1614, amounted, 
as above stated, to the sum of - - • $98,043,309 96 

The receipts of the Treasury for 1815, to the 30th of Sep- 
tember Ust, cannot be precisely stated, as the accounts 
to that time are not yet actually made up, but they are 
estimated to have amounted to the sum of - - 39,378,000 OO 

From revenue - - $12,400,000 00 

From loans - - - 11,034,000 00 

From Treasury notes - - 16,938,000 00 

The f^rr^^te of the receipts oRhe Treasury, from the 
1st of January, 1612, to the 30th of September, 1816, 
being the sum of - - - - - gl37,414 ,309 96 

2. The gross disbursements of the Treasury, for 1812, " 

1813, and 1814, amounted, as above stated, to the sum of 9100,017,657 13 
Ttifl djibOMBraents of the Treasury for 1815, to the 30th 

of fleptember last, amounted to the sum of - - 33,686,323 18 

For the civil, diplomatic, and miscellaneous ex- 
penses - ■• - - - $2,537,000 00 
For the nulitary service, &c. - 15,190,144 71 
For the naval service, ice. ■ ■ 7,050,000 25 
For the public debt - - 8,909,178 22 



The a^^egftteofthe disbursements of the Treasury, from 
the 1st of January, 1812, to the 30th of September, 
1816, being the sum of - - - - $13 3,703,8 80 31 

It will be natural here to inquire into the general effects of the war upoa 
the public debt of the United Slates ; and the annexed table (marked C) 
exhibits a detailed statement of the unsatisfied amount on the Istday of Jan- 
aar^, annually, from the year 1791 to the year 1815, both inclusive. The 
subject, however, may be placed distinctly in the following point of view, 
u^n estimates refemng to the date of the 30th of Septemlwr, 1815. 

OP TSE PUBLIC DEBT. 

1. The amount of the funded debt contracted before the late war, which 
remained unsatisfied on the 30th of September, 1815, may be stated at the 
sum of $39,135,484 96, to wit : 

(1.) In old six per cent stock, the nominal amount 
being - - - ' - $17,360,871 39 

And the amouot reimbuned being - 13,467,687 00 

Balancedueonthe30thofSeptember,18l5 • • $3,883,284 39 

(2.) In deferred six per cent, stock, the 
nominal amonnt being - - - 9,358,320 36 

And the amount remibursed being- - 4,152,643 93 

Balance due 4»t the 30th of September, 1815 . - 6,206,776 a 



1816.] SECRETARY OP THE TREASURY. 17 

f3.J In three per cent, stock - - - - $16,158,177 43 

(4.) Inexcb<uigedsixperceatstock,undertheBCt(}f]812 2,984,746 72 

(5.) In six per cent, stock of 1796 - - - 80,000 00 

(6.) In Louisiana six per cent, stock - - - 10,923,500 00 

Balance on the 30th of September, 1815, of the whole 
of the public debt contracted before the war - - 39,135,484 96 

2. The amount of the funded debt contracted on account of the late war, 
on the 30th of September, 1815, may be stated at the sum of $63,144,973 50; 
to wit: 

(1.) In six per cent stock of 1812, (the $11,000,000 
loan,] authorized by the act of the 4th of March, 1812, ob- 
tained at par, and not reimbursable before the year 1835 - #7,660,500 00 

(2.) In six per cent, stock of 1813, (the $16,000,000 
loan,) authorized by the act of the 8lh of February, 1813, 
obtained at the rate of $8S in cash for $100 in stock, and 
not reimbursable before the year 1826 - - - 18,109,377 48 

(3.) In six per cent, stock of 1813, (the $7,600,000 loan,) 
authorized by the act of the 2d of August, 1813, obtained 
at the rate of $88 26 in money for $100 in stock, and not 
reimbursable before the year 1826 - - - 8,498,581 95 

(4.) In six per cent, stock of 1814, (which arose from 
loans in parts of a sum of $25,000,000, called the ten mil- 
lion loon and the six millioiu^on,) authorized by the act 
of the 34th of March, 1814, obtained at different rates, and 
not reimbu vible before 1827, to wit : 

$18,292,888 90 at 80 per cent, stock $15,366,111 21 
140,810 00 at 85 per cent, stock 165,658 S3 

43,222 22 at 90| per cent, slock 47,627 79 

74,690 75 at 90j per cent, stock 82,420 72 



12,561,511 87 ^ . 15,661,818 64 

(5.) In six per cent, stock of 1815, (the $12,000,000 
loan,} authorized by die act of the 3d of March, 1815, ob- 
tained at diferent rales, payable in Treasury liotes, or in 
cash, and not reimbursable before 1837, to wit : 

$7,924,219 69 at 95 per cent, stock $8,341,383 77 

1,047,846 30 at 96J per cent, stock ' "' 

32,978 49 at 97 per cent, stock 

276,000 00 at 98 per cent, stock 

4,000 00 at par, stock 

- — : 9,746,745 53 

(6.) In 7 per cent, stock of 1816, created by fttodine 
Treasury notes not bearing interest, issued part at par and 
part Dpon an advance, under the act of the 24th of Feb- 
ruary, 1816, and not retn^nrsable until 1825 - - 3,268,949 00 

EsUnuted anuiunt of the Vhole of 'the funded public 
debt in reference to the late war • - - - 63,144,97^60 



3. The ftmcnnt of the fioatiur debt cootmcted since the 
Vol. ii.— 2 



18. REPORTS OF THE [1815. 

of the late war, calculated to the 30th September, 1S15, may be stated at 

the sum of $17,365,101 ; to wit : 
(1.) The BKregate of Treasury notes issued under the 

authority of the several acts of Congress passed prior to 

the act of the 24lh of February, 1815, amounted to the 

sum of $20,201,600 ; to wit : 

Payable in 1814, but unpaid - - $2,799,200 00 

Poyable in 1815 - - - 7,847,280 00 

Payable in 1816 - - - 2,772,780 00 

Payable also iu 1816 (issued under the 

special authority of the act of the 26th of 

December, 1814) - - - 8,316,400 00 

21,737,600 00 
Deduct the amount reimbursed in 1815 
(at Philadelphia, Baltimore, Washington, 
Charleston, and Savannah) - - 1,636,000 00 



Of this a^^regate there has been sub- 
scribed, in principal and interest, to the 
loan of 1816, about the sum of - - $4,631,687 06 

From which deducting an average esti- 
mate of near erne year's mterest, atwut the 
sum of 216,687 06 

There win remain forthe amount of prin- 
cipal subscribed to the loan, about thesum of* 4,315,000 00 

And it is estimated that there has been 
paid on account of duties and taxes, to the ' 

collectors of the customs, the internal du- 
ties, and the direct tax, about the sum of - 1,200,000 00 

Outstanding amount of Treasury notes, bearing interest 
at 6| pet cent, per annum, about the sum of - 

(2.) The a^regale of !''small Treasury 
notes" issued and reisSu^ under the act of 
the 24th of February, 1815, amounts to 
about the sum of - - - ^4,142,850 OO 

Of this aggregate there has 
been fund^ for 7 per cent, 
stock, included in the fore- 
going statement of the funded 
public debt, about the sum of 83,268,949 00 

And there lias been paid, 
on account of duties and 
taxes, about the sum of - 60,000 00 

3,318,949 00 



. $20,201,600 00 



Outstanding "small Treasury notes," about the sum of 623,901 00 
(3.) The aggregate of Treasury notes, of the " new 
emission," issued under the act ef the 24\b of February, 
1815, amounts to about the sum of - - - 694,600 00 

Leaving the amount of floating public debt, in Treosory 
notes, on the 1st of October, 1815, about the sum of • 16;!06,101 00 



, Google 



1815.] SECRETARY OF THE TREASURY. 

Bui to this amount of the public floating debt, in Tieasu- 
ry notes, there must be added the followiDg temporary 
loans, to wit: 

(1.) A temporary loaa made by the State Bank of Bos- 
ton, in 1S12, payable the) 5th and 31st of December, 1814, 
but unpaid .... ^500,000 OO 

(2.) A temporary loan made by the Cum- 
berland Bank, in 1812, payable the 16th of 
November, 181" - - - . 50,000 OU 

(3.) A temporary loan made by the Bank 
of the State of South Carolina, in 1814, pay- 
able the 1st of December, 1815 - - 50,000 OU 

(4.) A temporary loan made by the Me- 
chanics' Bank of New York, in 1815, paya- 
ble wheo demanded - - . 200,000 00 
5.) A temporary loan made by the State 
" V York, payable in the year 1817 - 360,000 00 



of^Si 



$1,160,000 00 

Making the aggregate amount of the floating public debt 
about the sum of .... .|17,356,10l 00 

RECAPITULATION. 

1. The amountof the unsatisfied funded public debt, con- 
tracted before the war, on the 30th of September, 1815, was i 
the sum of - - - . . - f 39,136,484 Qfi 

2. The amount ofthe funded public debt, \ 
contracted in reference to the late war, on 

the same day, the sum of - - $63,144,972 50 

3. The amount of the floating public 
debt, contracted since the war, was, on the 

same day, the sum of - - - 17,355,101 00 



Total of the ascertained amount of the public debt ere- i 

ated since the war, to the 30tli of September, 1816 - $80,500,073 60^ 

Total amount of the national debt, on the 30th of Sep- 
tember, 1815 $119,635,568 46 

It is proper to remark, that the aggregate of the national debt, thus stated, 
to the 30th of September, 1815, is subject to considerable changes and ad- 
ditions. The floating debt in Treasury notes is convertible, at uie pleasure 
ofthe creditors, into funtfed debt ; and, independent of a direct application 
of the current revenue to discharge the Treasury notes as well as the ten> 
porary loans, there must be a great, though gradual, reduction of the float- 
tag ikbt by the payments made in Treasury notes for duties, taxes, and 
public lands. There are, indeed, some claims known to exist for loans, 
supplies, and services, during the late war, which have not been liquidated, 
or are not embraced by existing appropriations ; and, doubtless, Uiere are 
oUier legal and equitable claims which have not yet been brought into view 
in any iorm at the accounting departmenta, but which may eventnally re- 
ceive the sanctioQof Congress. It is not, however, widiio the aos^ of nay 



20 REPORTS OP THE [1S16. 

estimnle hitherto made, to stale the probahle addition to the funded debt, 
under all circumstances, at more than S^iOOO.ttOO; which would couse- 

• quenlly place the aggregate of the funded debt, cremed in consequence of 
the war, at a sum not much exceeding §70,000,000. Btit it may le import- 
ant to recollect, that the war debt has not been entirely incurred for ob- 
jects limited to the continuance of the war ; and that the military and naval 
establishments, in particular, have derived durable advantages from the ex- 
penditures of the Treasury. 

For the payment of the interest, and the reimbursement or gradual ex- 
Unguishment of the national debt, the resources of the Treasury are abun- 

' dant, although the state of the circulating medium (which will be more par- 
ticularly considered hereafter) has rendered it impracticable to obtain, at all 
times, upon reasonable terms, the local currency of some of the places ap- 
pointed for the discharge of the public engagements. These resources de- 
pend upon the sinking fund, connected with the faith of the United Slates, 
which is pledged to supply from the existing or from other objects of reve- 
nue the deficiencies of that fund. 

THE SINKING FUND. 

The public debt amounted, on the 1st of January, 1791, to the sum of 
$75,463,476 62; and it consisted 

Of the foreign debt .... $13,812,821 92 

Of the domestic debt .... 62,660,654 60 



$76,463,476 52 



The foreign debt experienced varioiis changes in form and in amount. 
From 1792 to 1795, it rose above the amount stated for 1791; but from that 
period it was gradutdly reduced, and on the 1st of January, 1801, it stood 
at the sum of $10,419,000. From the year 1801, however, the annual reduc- 
' tion was more rapid, and in the year 1810 the foreign debt became extinct . 
The domestic debt has also experienced various changes in form and 
amount It was originally stipulated that it should be subject to redemption 
by payments not exceeding, in one yeor, on account both of principal and 
interest, the proportion of $8 upon $100 of the stock; (41) and when the 
sinking fund was constituted and organized, provision was made for effect- 
ing the payments in that proportion, until the whole debt should be extin- 
guished by dividends, payable on the last days of March, June, and Septem- 
ber, in each year, at the rate of 1^ per cent., and on the last day of Decem- 
ber, in each year, at the rate of 'it per cent, upon the original capital. (42) 
During the first period of about 10 years, from 1791 unul the Ist of Janu- 
ary, 1801, the amount of the domestic debt never fell below the sum which 
baa been stated, and in ISOl it stood at about the sum c^ $72,619,059 80. 
The au|i;mentation create on accountofthepurchaseof Louisiana, (anx>unt- 
, ing to $15,000,000,) raised the capital of the domestic debt, in 1804, to the 
' sum of $80,691,120 88 ; but from that period there was a considerable an- 
■ naal diminution of the amount, until it was reduced on the 30th of Septem- 
ber, 1816, to the already specified sum of $39,135,484 96. 

The sinking fund, by whose operations these beneficial effects have been 
produced, may be resided as coeval with \he organization of the present 
Goverrunent ; but itlias undergone many important nKxlificalions. 
W) See.llie4ikB«cti(uiof iteact.of the4tfaAQgnst,l7n: ir«l.SO0. 



1815.] •* ■ SECRETARY OF THE TREAiSURY. 21 

1. The early appropriations of the revenue were confined to the pay-, 
ment of the interest aod instalments of the foreign debt, and W the pay-, 
ment of ihe interest of the domestic debt ; but so early as the 4th of August, , 
1790, the proceeds of Ihe sales of public lands in the Western Terrilory were' 
permanently and exclusively appropriated and pledged towards sinking and 
dischftrging the debts for which the United States were then holden. (43) 
The annexed table D will exhibit a ^atement of the quantity of the puolic 
lands which have been annually sold, and of the proceeds of the sales, as 
far as can be now ascertained. 

2. In the year 1792, however, commissioners were designated and an- 
thorized to purchase the public debt at its market price, not exceeding the \ 
par value; and the interest of the debt purchased, together with the surplus \ 
of certain other appropriations, was assigned for that purpose. (44) When 
the annual amount of the fund thus created should be equal to two per . 
cei]t. on the six per cent, stock, it was directed to be fii-st applied to the, 
redemption of that stock, according to the right reserved, and then to the > 
purchase, at its market price, of any other pulsiic stock. 

3. In the year 1795, " the sinking fund" was established by name; (45) ' 
its resources were vested in the same commissioners ; and its operations ■ 
were subjected to their direction and management. The duty of the com- 
missioners, independent of temporary objects, consisted in applying (he 
sinking fund — 1st, to the payment of the six per cent, stock, at the stipu- 
lated rate of eight per cent, per annum; 2d, to the payment of the deferred 
stock, after the year 1801, according to the same stipulation ; and, 3d, if 
any surplus remained, towards the further and final redemption of the pub- 1 
lie debt of every denomination. For the accomplishment of these purposes, 
there were permanently appropriated and pledged, in addition to the other 
moneys constituting the sinking fund, and the interest of the amount of the 
purchased or redeemed debt — 1st, a sufficient sum arising yearly, and every 
year, from the duty on imports and tonnage, and the duty on domestic 
distilled spirits and stills, as might be rightfully paid of the principal of the 
six per cent, stock, commencing on the 1st of January, 1802; 2d, the divi- 
dends qa the public shares in the Bank of the United Stales : but the shares 
were sold in 1796 and 1802, under an authority given in 1796 ; 3d, the 
nett proceeds of the sales of public lands in the Western Terrilory ; 4th, 
moneys received into the Treasury on account of old debts ; 6th, the sur- 
pluses of revenue beyond the amount of the appropriations. 

4. Such was the outline of the sinking ftmd when, on the 6th of April, 

1802, (46) the internal duties were repealed ; and on the 29th of April, 

1803, a new and additional proi?ision was made for the redemption of the 
public debt. Thus, nn annual sum of $7,300,000 was permanently appro- ' 
priated and vested in the commissioners of the sinking fund, to be produced ' 
— 1st, by the moneys (other than the surpluses of revenue) which then 
constituted the fund, or should arise to it by virtue of any previous provi- 
sions; 2d, by the suras annually required to discharge the interest and . 
charges of the public debt ; and, 3d, by so much of the duties on merchan- 
dise and tonnage as would he necessary, together with the preceding re- 
sources, to complete the annual investment of $7,300,000. The act not 
only placed the reimbursement of the principal, but also the payment on 

(■13) See lhe23dseciLoni}flhca<;loftbe4lhof August, 1790: lvoL339. 

(44) SeelheaciofthefkhorMoy. 1T«: 2 vol. 151. 

(45) Seelheactofthe3dofMaich,n»; 3vol. 231. 

(46) See ihe act of the 6ih of April, 1B02 : 6 vol. 58. 



tizedoy Google 



23 REPORTS OP THE . .- [1815. 

account of interest and charges of the public debt, under the superintend- 
ence of the commissioners; making it their duty to cause the fund to be 
applied in payment — Ist, of such sums as by virtue of any acts they had 

■ previously been directed to pay; 2d, of such sums as may be annually 
wanted to discharge the interest and charges accruing on any other part of 
the then debt of the United States ; 3d, of such sums as may be annually 
requked'to di8chaTO;e any instalment of the principal of the then debt; and, 
4lh, as to any surpfus, to apply it towards the further and final redemption, 
by payment or purchase of the then debt. (47) The net of the 10th Novem- 
ber, 1803, having created six per cent, stock to the amount of §11,250,000, 
in pursoance of the convention for the purchase of Louisiana, added an 
annuBl sum of $700,000 to the sinking fund, to be paid out of the duties on 

i merchandise and tonnage, and to be applied by the commissioners to the 
payment of the public debt, including: the Louisiana stock, in the manner 
above stated. It may be added that the interest on the Louisiana stock is 
payable in Europe; but the principal is reimbursable at the Treasury of 
4heUniledStates, in four annual instalments, commencing in 1818. (48) 
It is obvious that a sinking fund of f 8,000,000 (independent of the gene- 

, ral pledges in prior laws) was ample for the payment of the interest and 
Iheprincipal of a puUic debt amounting only to the sum of $86,0(10,000, 
extinffuishing the six per cent, stock in 1818, the deferred stock in 1824, 
and me Louisiana stock in 1828, ns fust as the terms of the contracts and 
the policy of Government would permit. The general operation of the 
fund, indeed, has been shown ; but it is proper more particularly to add 
that, on the 1st of January, 181S, there had been transferred to the credit 
of the commissioners, in the hooks of the Treasury, an amount of public 
debt equal to -the sura of $33,873,463 98, of the Imlowiug denominations, 
to wit: 

1. FOREIGN DEBT. 

3 per cent, stock - - - $8,200,000 00 
4^ per cent, slock - - - 820,000 00 

4 per cent stock - - - 3,180,000 00 

$12,200,000 00 

2. DOMESTIC DEBT. 

6 per cent, stock - - - $1,946,026 92 

3 per cent, stock - - - 698,555 41 

Deferred 6 p«r cent, stock - - 1,005,179 83 

8 pec cent, stock - - - 6,482,500 00 

Exclianged 6 per cent, stoek - - 6,294,051 12 

Commuted 6 per cent stock - - 1,859,860 70 

44 per cent, stock - ■ - 176,000 00 

5i per cent, stock - - - 1,848,900 00 

Navy 6 per cant stock - - - 711,700 00 

Louisiana 6 per cent, stock - - 326,500 00 

6 per cent stock of 1812 - . 324,200 00 



21,673,463 98 



$33,873,463 98 



But the chaises upon tlie sinking fund have accumulated, in conse- 
- quence of the Ute war, to an amount which it has not the capacity to defray ; 



tizedoy Google 



1815.] 



SECRETARY OP THE TREASURY. 



23 



1.) Of the interest on such puis of tfic public debt as 
■ebeen reimbursed or paid off, (which, howeYer, is itself 



while its operations, in other respects, have been obstructed by the tempo- 
rary &ilure of the rereniie arising from duties on merchandise and touaage, 
and the protracted embarrassments of the circulating medium : thus — 

1. The annua) appropriation for the sinking fund amounts to $8,000,000; 
and consists, at present- 
have b 

derived from the customs,) estimated oii the 30th of Sep- 
tember, 1815, at the sum of - - $1,969,577 64 

(2.) Of the nett proceeds of the sales of 
the public lands, exclusive of lands sold in 
the Mississippi Territory, (which, as yet, 
belong to the Slate of Georgia,) estimated 
annually at the sum of - 

(3.) Of the proceeds of duties OR imports 
and tonnage, to complete the annual in 
vestments, estimated at the sum of 



800,000 00 



5,230,422 36 



2. The annual charge upon the ainking 
fund, estimated for 1S16, will amount pro- 
bably to the sum of - - • 

On account of the interest and the instal- 
ments of the old debt, the sum of - 

On account of the interest of the new 
debt, computed on a capital of $70,000,000, 
about the sum of ... 

On account of the principal and interest 
of Treasury notes, issued under the acts of 
the 30th of June, 1812, the 25th of Feb- 
ruary, 1813, and the 4th of March, 1814, 
(al^er allowing for the amount reimbursed, 
subscribed to me loan, and paid for duties,) 
about ihe sum of - - - 



$8,000,0()0 00 



14,524,200 00 



14,524,200 00 

Deficit in th" amount of the sinking fund, compared with 
the charges upon it, estimated for 1816 - ■ - §6^24,200^00 

From this view of the financial operations of the Gtovernment, Ihe Sec- 
retary of the Treasury, with every sentiment of deference and respect, pre- 
sents the following general conclusions for the consideration of Congress, 

1. Tl»at the existing revenue of the United Slates arises, fist.) Fromdu- 
ties on imported merchandise and the tonnage of vessels; (2a.) Intenial du- 
ties, including ^e direct tax upon lands, houses, and slaves; and, (3d.) The 
proceeds of the sales of public lands. But some of these duties and taxes 
are permanently imposed, and some are limited in their duration. 

2. That the following duties or taxes are either partially or wholly lim- 
ited in their duration: (1st.) The duties on merchandise and tonnage will be 
reduced one-half on the 17lh of February, 1816; except such as are imposed 
on goods of the like description with the articles of domestic manufacture 
on which duties have been laid, and included in the general pledge. (3d.) 
The new duty on salt, the duty on sugar refined within the United States, 
and the stamp duty on bank note3,promissory notes discounted, and on bills 



, Google 



34 REPORTS OF THE [1815. 

of exchange, are not included in the general pledge, and will wholly cease 
on the 175i of Febrmiry, 1816. 
-' 3. That the following duties or taxes are not limited in their diiration, 
and are included in the general pledge : (1st,) The direct tax upon laiids, 
houses, and slaves ; (2d,) The duties upon licenses to distillers of spiritu- 
ous hquors, and upon the liquors distilled ; (3d.) The duty upon licenses to 
retailers of wines, spirituous liquors, and foreign merchaiKiise ; (4th.) The 
duty upon sales at auction ; (5lh.) The duty upon carriages ana harness ; 
(6th.) The duties upon household furniture and watches ; (7th.) The du- 
ties on articles manufactured or made for sale within the United States ; 
(8lh.) The rate of postage. 

4. That the faith of the United States, and the revenue arising from the 
duties and taxes, which are not limited in their duration, are pledged for the 
punctual payment of the pubhc debt, principal and interest, according to the 
terms of the contracts, respectively ; and for creating an adequate sinking 
fund, craduaily to reduce, and eventually to extinguish, the deot. But this 
pledge will be satisfied by the substitution of other adequate duties or taxes; 
and the increase in the proceeds of the duties on merchandise, subsequent 
to the pledge, affords an advantageous opportunity of making such substi- 
tution m respect to the more inconvenient and burdensome portion of the 
internal duties. 

5. That tlie establishment of a revenue system, which shall not be exclu- 
' sively dependant upon the supplies of foreign commerce, appears, at this 
juncture, to claim particular attention. 

II. A vietp of the financts of 1815, itrith estimates of the public reoeitue 
^ and txpensesfor 1816. 

At the close of (he last session of Congress, the demands upon the Treas- 
ury were interesting in their nature, as well as great in their amount. 
Exclusively of the ordinary expenses of the Government, they consisted of 
demands for the payment of the army, preparatory to its reduction to the 
peace establishment, with other very heavy arrearages and disbursements 
in the War and Navy Departments ; for the payment of the dividends on 
the funded debt, and of the arrearages, as well as the accruing claims, on 
account of the Treasury note debt ; and for the payment of the I^ouisiana 
dividends ; with other considerable debts contracted in Europe, in conse- 
quence of the late war. 

The efficiency of the means which were possessed for the liquidation of 
these demands depended upon circumstances beyond the control of the 
Government. The balance of money in the Treasury consisted of bank 
credits, lying chiefly in the southern and western sections of the Union. 
The revenue proceeding from the provision made prior to the last session 
of Congress was comparatively of small amount : the revenue proceeding 
from the provision made during that session could not be available for a 
great portion of the pre-sent year ; end, in botli instances, the revenue was 
payable in Treasury notes, or it assumed the form of bank credits, at the 
respective places of collection. The only remaining resources, for imme- 
diate use, were an additional issue of Treasury notes, and a'loan ; but the 
successful employment of these Te.sources was rendered, for some time, 
doubtful, by the peculiar situation of the credit and currency of the nation. 

The suspension of specie payments throughout the greater portion of the 
United States, and the consequent cessation of the niterchange of bank 
notes and bank credits between the institutions of the different Stales, had 



, Co(.H^Ic 



1815.] SECRETARY OF THE TREASURY. 25 

deprived the Treasury of all the facitities of transferring its funds from 
place to place; and a proposition, which was made at an early period, to the 
principal banks of the commercial cities on the line of the Atlantic, with 
a Tiew, in some degree, to restore those facilities, could not be effected for 
the want of a concarrence in the requisite number of banks. Hence it has 
happened (and the duration of the evil is without any positive limitation) 
that, however adequate the public revenue may be, in its general product, 
to discharge the public engagements, it becomes totally inadequate in the 
process of its application ; smce the possession of public fnnds in one part, 
no longer afforas the evidence of a fiscal capacity to discharge a public 
debt in any other part of the Union. 

From the suspension of specie payments, and from various other causes, 
real or imaginary, differences in the rate of exchange arose between the seve- 
ral States, and even between the several districts m the same State ; and the 
embarrassments of the Treasury were more and more increased, since 
Congress had not saactioned any allowance on account of the rate of ex- 
change, and the amonot of the legislative appropriations was the same, 
wherever the legislative objects were to be effected. But the Treasury 
notes partook of the inequalities of the exchange, in the transactions of 
individuals, although the Treasury could only issue them at their par value. 
The public stock, created in consideration of a loan, also partook of the in- 
equalities of the exchange ; although to the Government, the value of the 
stock created, and the obligation of the debt to be discharged, were the 
same, wherever the subscription to the loan might be made. Thus, not- 
withstanding the ample revenue provided, and permanently pledged for 
the payment of the public creditor ; and notwithstanding the auspicious in- 
fluence of peace upon the resources of the nation, the market price of the 
Treasury notes, and of the public stock, was everywhere far below its par 
or true value, for a considerable period after the adjournment of Congress ; 
vibrating, however, with a change of place, from the rate of 75 to the rate 
of 90 per cent. Payments in bank paper were universally preferred, during 
that period, to payments in the paper of the Government; and it was a 
natural consequence that, wherever the Treasury failed in procuring a local 
currency, it failed, also, in making a stipulated payment. 

Under these extraordinary and perplexing circumstances, the great effort 
of the Treasury was, 1st. To provide promptly and elfeclually for all urgent 
demands, at the proper place of payment, and to the requisite amount of 
funds. 2d. To overcome the difficulties of the circulating medium, as far 
as it was practicable; sothat no creditor should receive more, and no debtor 
pay less, in effective value, on the same account, than every other creditor 
or every other debtor. And, 3d. To avoid any unreasonable sacrifice of the 
public property, particularly when it must also be attended with a sacrifice 
of the public credit. It was not expected that this effort would everywhere 
produce the same satisfaction, and the same results ; but the belief is enter- 
tained, that it has been successfid in the attainment of its objects, to the 
extent of a just anticipation. 

OF THE ISSUES OP TREASURY NOTES. 

The Treasury notes, which were issued under acts passed prior to the 
24th of February, 1816, were, for the most part, of a denomination too high 
to serve as n current medium of exchange ; and it was soon ascertained that 
the small Treasury notes, fundable at an interest of 7 per cent., though of a 
convenient denomination for common use, would be qtnverted into stock 



26 REPORTS OF THE [1815. 

almost as soon as they were issued. With respect to the first description, 
therefore, the issue has not been restrained; but with respect to the second 
description, the issue has been,gaieraliy, limited to cases of peculiar urgency ; 
such as the payment of the army preparatory to its reduction ; the payment 
of the dividends on the public debt, where the local currency could not be 
obtained; and the payment of an inconsiderable amount of miscellaneetis 
claims, apparently entitled lo distinction. The annexed table (marked E) 
contains a statement of the amount of the small Treasury notes which had 
been issued on the 30th of September, 1615 ; from which it appears — 

1. That there had been issued for the payment of the 

army, the sum of - - - - - $1,465,069 00 

2. That there bad been issued for the payment of the 

dividends of the public debt, the sum of - - 1,203,100 00 

3. That there had been issued for sundry miscellaneous 

claims, the sum of .... 109,tJ81 00 

4. That there has been sold at an advance, (produciug 

$32,107 64,) for the pu rpose of raising funds to meet 

the general engagements of the Treasury, a sum of 1,365,000 00 

4,1^860 OU 



OP THE LOAN. 

The act of the 3d of March, 1S15, authorized a loan for a sum not ex- 
ceeding $18,453,800; it was made lawful to accept, in payment of sub- 
scriptions, such Treasury notes as had been charged on the sinking fnnd ; 
and a commission not exceeding one quarter of 1 per cent, was allowed 
for selling the certificates of stock, or procuring subscriptions to the loan. 
Under this authority, the annexed notice, (marked F,) dated the lOlh of 
March, 1815, was published, opening a loan for the sum of $12,000,000 ; 
with a view, 1st, to absorb a portion of the Treasury note debt ; 2d, lo ob- 
tain funds for paying the unsubscribed arrearages of that debt ; and, 3d, 
to aid the Treasury with a supply of the local currencies of different places, 
in some proportion to the probable amount of the local demands. 

The offers to subscribe to the loan, prior to the 19ih of April, 1815, 
placed (as it was proper to place) money and Treasury notes upon the same 
footing; but the offers varied essentially in the terms and conditions that 
were annexed to them ; and, in point of fact, no direct offer was made to 
subscribe at a higher rate than S9 per cent., while some of the offers were 
made at a rate even lower than 76 per cent. Upon this experiment, there- 
fore, it was seen at once that the new situation of the Treasury required a 
new course of proceeding ; and that neither the justice due to the equal rights 
of the public creditor, nor a fair estimate of the value of the public property, 
nor an honorable regard for the public credit, would permit the loan to 
assume the shape and character of a scramble, subservient to the specula- 
tions which create what is called a market price, and shifting in every town 
and village of every State, according to the arbitrary variations of what is 
called the difference of exchange. 

In this view of the subject, all the offers of subscription to the loan, made 
in the first instance, were declined ; but it was declared, at the same time, 
that offers at the rale of 95 per cent, would be accepted. The rate thus pro- 
posed was adopted upon a consideration of the value of the stock, of the 
equitable as well as legal claim of the holders of Treasury notes, and of the 



^ DigtizedoyGOOgle 



1816.] SECRETARY OF THE TREASURY. 27 

real condition of the public credit. The objects of tbe loaa being (as al- 
reiidy slated) to absorb a portion of the Treasury note debt, and to acquire a 
sufficiency of local currency for local purposes, the price of the stock, at the 
Treasury, was, of course, independent of the daily up-and-down prices of 
the various sU)ck markets in tbe Union, and could only be affected by the 
pn^eas towards tbe attainment of those objects. Thus, while the wants of 
the Treasitry were insufficiently supplied, offers lo subscribe were freely ac- 
cepted ; and the parties were sometinies authorized and invited to increase 
the amount of their offers ; but where local funds had so accumulated as to 
approach the probable amount of the local demands, the price of the stock 
was raised at the Treasury; and where the accumulalion was deemed 
adequate to the whole amount of the local demands, the loan was closed. 

The policy of the course pursued at the Treasury was soon demonstrated. 
Offers of subscription to the loan, at the rate of 96 per cent, payable in 
Treasury notes, or in money, were presented to a large amount, soon aflec 
the rule of the Treasury was declared ; and the annexed table, marked G, 
will exhibit the progressive and actual state of all the subscriptions, to the 
30th of September last. 

]n tbe District of Columbia, the money subscriptions (including the sub- 
scription of certain liquidated claims upon the Treasury) were successive- 
ly at 95, 96^, 97, and 98 per cent., and finally at par. In the city of Balti- 
more, the money subscriptions have been at 96 and 96j^ per cent. In the 
city of Philadelphia, tbe money subscriptions have beni entirely at 95 
per cent. The price was raised nt the Treasury, from 95 to 98 per cent, 
on the 18lb of June, (subject, of course, to fUl unexecuted subscriptions 
previously accepted or authorized ;) and sinoe that time considerable offers 
have been received at 95 and 96 per cent., but none have been received at 
the increased rate of 98 per cent. The subscriptions, payable in Treasury 
notes, have been made, in all places, at the same rate of 95 per cent. A 
eenerai abstract of the state.of the loan may therefore be reduced to the 
ibilowing form : 

In the District of Columbia, the subscriptions have amounted — 

1. In money, to the sum of - - $2,282,037 38 

2. lu Treasury notes, to the sum of - 257,276 65 



In Baltimore, the subscriptions have 
amounted — 

1. In money, to the sum of - - 1,994,818 50 

2. In Treasury noies, to the sum of - 608,661 f " 



- $2,539,314 03 



In Philadelphia, the subscriptions have 
amounted — 

1. In money, to the sum of - - 1,845,000 00 

2. In Treasury notes, to the sum of - 1,260,568 69 

In New York, the subscriptions have 
amounted — 

1, In money, to the sum of - - 601 44 

3. In Treasury notes, to the sum of - 668,371 61 



2,603,480 40 



In Rhode Island, the subscriptions have amounted, in 
Treasury notes, to the sum of . - . . 



tizedoy Google 



28 REPORTS OF THE [1815. 

In Massachusetts, the subscriptions have amounted, in 
Treasury notes, to the sum of - - - - $97,301 32 

In New Hampshire, the subscriptions have amounted, in 
Treasury notes, to the sum of - - - - 52,386 20 

In North Carolina, the sutecriptions have amounted, in 
Treasury notes, to the sum of - - - - 96,000 CO 



^,284,044 38 



Having thus ahsorbed a portion of the Treasury note debt, and deeming 
ihe Treasury to be possessed of a sufficient supply of the local currency of 
the places at which the Treasury notes, unsubscribed, and in arrears, were 
payable by law, except in the cities of New York and Boston, the Secre- 
tary of the Treasury proceeded to assign funds for the payment of the 
Treasury notes, and lo give notice tliereof in the form of the annexed copies, 
marked respectively H and I, in pursuance of the act of Congress passed 
on the 3d of March, 181 5. As a sufficient supply of the local currencies of 
Boston and New York had not been obtained, the overture was made, in 
the same notice, to discharge the Treasury notes payable in those cities, 
and in arrears, by accepting them in subscriptions to the loan at the rate of 
95 per cent., by exchanging them for other Treasury notes, in which the 
interest due should be included as pnncipal ; or by giving drafts for Ihe 
amount upon any of the banks in which the Government possessed funds. 
This overture is still open to the consideration and acceptance of the hold- 
em of the Treasury notes in question ; and has been accepted In the shape 
of subscriptions to the loan, to a considerable extent. Since the 30th of 
September, these amount, including some subscriptions, the details of which 
^ have not yet been completed, to more than two millions of dollars. 

\OFTHE TRANSFER OF BALANCES OF APPROPBIATIONS AND OF BETENUEr 
FROM 1814 TO 1815. 






In the administration of the finances, it has been the practice to consider 
the demands and the supplies of each year as distinct subjects for legisla- 
tive provision, independent of the balances of appropriations, or of revenue, 
existing at the close of the preceding years. The same course will now be 
pursued, but with a few explanatory remarks. The annual appropriations 
have never been entirely absorbed during the year for which they were 
made ; and the credit given by law for payments, in every branch of the 
revenue, necessarily introduces a discrimination between the amount of 
duties which accrues within the year, as a debt to the Government, and the 
amount which is paid within the year, as money into the Treasury. The 
annual appropriations, however, are not choi^r^ upon the revenue of the 
year, specifically, in which they are made ; and, in point of fact, they are 
satisfied, whenever demanded, out of any unappropriated money in the 
Treasury, without reference to the time when the revenue accrued, or when 
the money was actually received at the Treasury, 

The inconvenience of continuing appropriations in force, which were lia- 
ble to be drawn from (he Treasury during an indefinite period, induced Con- 
gress to enact, in the year 1795, (49) that any appropriations (except perma- 
nent appropriations for the interest of the funded debt, or appropriations for 
the payment of loans and the ateruing interest, for the sinking fund, and 

(49) See the 16th secUim of the aci of the 3il of March, 1795 : 3 vol. 232. 



1816.] SECRETARY OP THE TREASURY. 29 

for purposes which specially require, by law, a longer dnration) remaining 
uaexpended for more than two years otier the expiration of tlie calendar 
year in which the act of appropriation was passed, should cease and deler- 
mine, and that the unexpended sum should be carried to an account on 
the books of the Treasury, to be denominated "the surplus fund." By the 
operationof this provision, no ordinary appropriation can now survive the 
speci&ed period of two years; and notwithstanding the formal designation 
of a particular account, in which tlie entry shall be made, the sum disen- 
gaged by the determination of each appropriation becomes again an undis- 
tinguisbable part of the public treasure, which is subject to the future dis- 
positions of the Legislature. 

With these remarks, it will be useful, for the purposes of general informa- 
tion, to exhibit the gross amount of the balances of the appropriations for 
the year 1814, transferred to the year 1815, without entering into a com- 
parative detail of the appropriations and of the revenues during the par- 
ticular year in which tiie appropriations were made by law. Thus, 
The gross amount of the aj)propiialions for 1814, including the aggregate 
of the balances of appropriations for the year 1SL3, amounted to the 
sum of --..-- $5,'5,978,464 20 

Of this, there was paid on or before the Slst of December, 
1814, the sum of - - $33,028,230 32 

And on the 1st of January, 1815, there 
was carried to the surplus fund the 
sum of - - - - 592,309 99 

38,620,540 31 

lieaving, as a general balance of the appropriations of 

1814, payable at the Treasury in 1816, the sum of ■ $17,357,923 89 



OF THE DEHANDS ON THE TREASURY FOR 1816. 

The demands authorized by acts of appropriation during the year 1815, 

(exclusively of certain indefinite appropriations, the amount of which is 

ntrt yet ascertained,) were the following: 

For civil, diplomatic, and miscellaneous expenses, besides the unascer- 
tained product of lines, p^ialties, and forfeitures, assigned to defray the 
charges of courts, the sum of - $3,080,li56 22 

For miutary expenses, including those of 
the Indian department, and theperma- 
nent aptwopriation of $200,000 for 
aimiag and eqaif^ing Uw militiA, the 
sum of - - - - 6,618,790 41 

For naval expenses, incloding the aannal 
i^ipTopriatioQ of 200,000 dollars for the 
purchase of timber - - - 5,233,028 00 



For the public debt, to wit : 

The interest on the debt contracted before 

the war - - - - 1,900,000 00 

The inteicst on the debt contracted since 

the war, including the loan of 1816, and 

eKclndingthe interest ofTreaBury notes 3,660,000 00 
The interest of 6} per cent per annum, 

uponTjeMQiyikotesgOtttstaiidiDgoii tbe 



$13,932,468 63 



oy Google 



REPORTS OF THE [1816. 



Ist January, 1915, including nolesdiie 

in 1814, and not paid, (the principal be- 

ingthen 10,646,480dollars,)(hesiimof $575,000 00 
The animal reimbursement of Ihe princi- 
pal ol the old 6 per cent, and deferred 

stocks, the sum of - - - 1,590,000 00 

The principal of Treasury notes payable 

in 1814, and the l8tJanuary,ltil5, but 

not then paid, the sum of - - 2,799,200 00 

The principal of Treasury notes payable 

in lSI5,andthelst January,1816,the 

sum of - - - - 7,847,280 00 

The principal of temporary loans payoble 

in 181), but not then paid - - 500,000 00 



$18,771,480 00 



The amniitit of the appropriations and of demands for 
the piil^ic debt for 1815, being the sum of - - $32,703,948 < 



The total amount, therefore, demandable nt the Trea- 
sury during the year 1815, was - - - $ 50,061,871 95 

Consisting of appropriations made prior 
to that year, and unsatisfied at its com- 
mencement, amounting to - - $17,357,923 89 

And of afipropriations and demands on ac- 
count ol' public debt, made and arising 
during the year 1815, amounting to - 32,703,948 06 

$50, 061,871 95 

OP TRil WAYS AND HSANB OP THE TRBABCBY, FOB THE TEAR 1815. 

These may be considered in a twofold aspect: 1. As to the ways and 
means placed by the laws within the power of the Treasury ; and, 2. The 
amount capable of being realized, or made actually available by the Trea- 
su^, during the year. 

Under tlie first view, the ways and means consisted — 

1. Of tlic cash in the Treasury at the commaicement of 

the year, which amounted to ... $1,626,998 63 

2. Ofthc outstanding revenue which accrued prior to the 
year 1815, and remained unpaid at its commencement, 
estimated, exclusive of the sunw due for public lands, 

at about - ... - - - 4,600,000 00 

3> Of the revenue accruing in the year 1815, estimatecl 

at $38,860,000, viz : - 
CuBtoQis .... $25,000,000 

Direct tax, nett product - . 5,400,000 

Internal duties, do. - - - 7,000,000 

Public lands .... 1,000,000 

Poetage, and incidental receipts - 460,000 

— 38,860,000 00 

4. Of tlie unexecuted authority to borrow 

money, and to issue Treasury notes, 



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1S15.) 



SECRETARY OP THE TREASURY. 



conferred by acts of Congress passed 

prior to the year 1815, viz : 
Tie lofin Qct of March 14, 1812 - 8765,300 

The loan act of March 24, 1814 - 8,562,1 19 

The loan act of November 15, 1814 - 3,000,000 

Treasury note act of March 4, 1814 - 2,; 

Treasury note act of December 26, 1814, 
estimated at - - - - 8,6'}0,000 

5. Of the anthofity to borrow money, 
and to issita Treasury notes, conferred 
by acts of Congress [Kissed in the year 
1815, viz : 

The loan act of March 3, 1815 - 18,458,800 

The loan act of February 13, 1815, (for 

paMic buildings in Washington) - 600,000 

Treasury note act of Febrnary 24, 1815, 

t exclusive of the re-issues authorized 
»y this act) .... 25,000,000 



«12,327,419 00 



11,372,720 00 



$112,629,937 63 



This great apparent surplus of ways and means within the povrer of the 
Treasury arose, in part, from the great increase in the amount of the cus- 
toms accruing in the year 1815, which, instead of ^4,000,000, the amount 
eadmated prior to the peace, will, probably, in consequence of that event, 
amonat to tho sum of $35,000,0(10, as here staled, A great portion, also, 
of the sums authorized to be borrowed or raised upon Treasury notes, 
it was evident, could not be obtained or raised within the year ; and the 
several successive acts by which the authority was given, although they 
were uominally accumulative, were actually the result of attempts to vary 
or ntodify this authority in such way as to render it more easy or more 
effectual in its execution. 

The second view of the ways and means for the year 1815 exhibits the 
amount actually realized and received into the Treasury during the year. 
As the year is not yet terminated, this can only be given by way of esti- 
mate. The result will, probably, not differ materially from the following : 

1. Cash in the Treasury at the commencement of the year $1,526,998 63 

2. Receipts from revenue, including that which was out- 
standing at the commencement of the year, viz : 



Oistoms 

Direct taxes - . . . 

Internal duties - - - . 

Public lands . - . - 

Postage and incidental receipts 

3. Beceipts from loans and Treasury notes : 
Loan3 under (he act of March 14, 1812 - 
Loans under the act of Nov. 16, 1814 - 



$8,000,000 

2,200,000 

4,700,000 

1,000,000 

450,000 



50,000 00 
950,000 00 



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REPORTS OF THE [1815. 



Loans under the act of 

March 3, 1815 - $9,884,044 38 

Do. temporary loans - 050,000 00 

Sl9 934,044 38 

Loans under the act of February 13, 1815 'lOO,000 00 

Amount actually borrowed, to the 30tb of 
September, 1815, per statements an- 
nexed, marked G and K ' r 11,034,044 38 

Amount estimated to be borrowed, from 
the 1st October to 3 ist December, 1815 3,000,000 00 



Treasury notes. Amount issued prior to 

the 1st of October, 1815: 
1. Treasury notes bearing interest under 

the act of March 4, 1814 - $2,772,720 
Under the !»ct of December 

26, 1814 - - - 8,318,400 

Under the act of February 

24,1815- - - 694,600 



14,034,044 : 



Per statement annexed, 

marked L - - 11,785,720 

2. Small Treasury notes, 

not bearing interest under 

the act of February 24, 

1815, amount issued and 

re-issued, per statement 

annexed, marked £ - 4,152,850 



Amount estimated to be is- 
sued and re-issued, from 
the 1st of October to the 
31st of December, 1815 - 1,000,000 



. 16,938,570 00 
30,972,614 38 



Making the total aniouat estimated to be actually re- 
ceived into the Treasury, durmg the year 1815 - $48^49,613 01 

The application of the moneys actually received into the Treasary,during 
the year 1815, «iU be as follows : To the 30th of September, the pajmeata 
have amount^ to the following sums nearly ; the accounts not bemg yet 
made up, the precise amount cannot be given : 

For civil, diplomatic, and miscellaneous expenses - $2,637,000 00 

MiUtary service . . . - . 15,190,144 71 

Naval service 7,050,000 25 

Public debt, (exclusive of the sum of $300,000 repaid by 

thecommissioner of loans for Georgia) - - 8,909,178 22 

$33,686,323 18 

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i815.j SECRETAilY OF THE TREASURY. 

DuriB? the fimrth qaarter of the year, the payiaKQis are 
estimated to asaouDt to the foUowia^ sums, viz: 
For civil, diplomatic, and miscellaneous 

expenses . - . . 4&00,000 

Naval service - . . . 1,600,000 

Public debt, to the 1st Janaaiy, 181:6, ia- 

ctusive .... 3,000,000 



95,000,000 00 



As the nceipts into the Trossuiy, during the year, have 

been esiiiiMted at ...... 48,849,61301 

The Slim left ia the Treasury, Bt the end of the year, ^11 be , $^10,163,889 83 



And will consist principally of Treasury b(4«8, paid on aocoaut of the tey- 
«niie and of loans. 



In the consideration of this subject, it is proper to premise, that the rev- 
enue of 1816 must be charged with the payment of a considerable amount 
of the unliquidated debts incurred during the war ; and, consequently, that 
the proportions of revenue and expenditure for that year cannot be reduced 
by the scale of a peace establishment. The arreara^^ in the War and 
Navy Departments, and, generally, the outstanding balance of Ihe floating 
pubUc debt, includiug Treasury notes and temporary loans, must be satis- 
fied, before a permanent and uniform arrangement of the finances cao he 
effected ) but it is bdieved that the period of a single year will be sufficient 
for that purpose. 

It is also proper to premise, that although the estimates of the demands 
on the Treasury fo^ 1816 may be satisfactorily made, there is no settled 
eround upon which estimates of the ways and means can be confidently 
formed. The entire system of external and internal taxation must neces- 
sarily be revised, durin» the present session of Congress ; and the sources, as 
well as the product, of the pnblic revenue, can only be ascertained from 4e 
result of the legislative deliberations. In order, however, to obviate this 
difficulty as far as it is practicable, distinct statements will be presented for 
1816 — 1st. Of the probable demands on the Treasury ; 2dly. Of the reve- 
nue, estimated according to the laws now in force ; and, 3dly. Of the reve- 
nue, estimated according to the jnodificatioDs which will be resj>ectftil]f 
submitted. 

I. OF TBK PXOBABLE DBMAUDS ON TBG •PBXiMVB.V. 

The amount of the civil, drplomatic, and miscellaBeoiis 
erpeases, is eatinwied at the sum of - - - $1,9O&,0BO 

The amount of the nutitiuy expenses is estimated at the 
•urn of ^ H,549,M6 

Forlhemffitary establishment of iai« «5,I1B,159 ^ 

Pot flie anrearages of 1816, beyond the 
aiiwiiatofiheapprq>riatioDa - - 9,437,087 



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U REPORTS OF THE [1815. 

The amount of ihe naval expenses (supposing them to be 
reduced, ou the peace establishment, to one-half of the amount 
appropriated for 1815, and adding the annual appropriation of 
200,000 dollars for the purchase of timber,) is estimated at the 
sum of 8271ti>510 

The amount of the payments n^tmred od account of the 
public debt is estimated at the sum of - - - 33,818,912 

For the interest and annnat reimbursement of the ptincipal 
of the funded debt, prior to the war - $3,460,000 

Fortheintereston the funded debt created since 
the war, estimated on a capital of 870,000,000 4,200,000 

For the balance of principal and interest on 
Treasury notes of every denomination now due, 
or payable in 1816 and 1816, or estimated to be 
paid in those years, by being received for duties 
tind taxes, as set forth id the annexed table, mark- 
ed L 15,458,513 "" 

For the amount of temporary loans due to the 
^ State Bank of Boston, (.$500,000.) and the Me- 
chanics' Bank of New York, ($200,000) - 700,000 

$23,818,513 



From this aggregate of the demands for 1816, the charges 
of a temporary nature being deducted, to wit : 

Deduct the amount of the arrearages for the 
military service of 1815 - - - $9,437,087 

And the amount of the floating debt to be liqui- 
dated in 1816 16,158,513 



There will remain as the probable annual expenditure of 
the peace establishment, independent of any addition to the 
sinkmg fund, the sum of - . . . . $17,288,669 

II. OP THE EEVENUE FOR 1816, ESTIMATEn ACCOaDlKC TO TKIE 
LAWS, HOW IK POKCE. 

By the laws now in force, the revenue arising from cnstoms during the 
y«ar 1816 will be effected in the following manner. The present rates of 
duties continue until the 18di of February, 1816, when the duty on salt im- 
ported will cease, and the rates of duties on merchandise of every descrip- 
tion imported in American vessels will fall to one-half of the existing- 
amount, with the exception of certain manufactured articles, being of the 
same kinds aTthe manufactured articles on which internal duties have been 
imposed ; the duties on the imported articles continuing at the existing rates 
so long as the existing internal duties shall be continued upon the corres- 
ponding articles of domestic manufiicture. On the 18th of February, the 
extra duties on merchandise imported in foreign vessels, which is now 15i 
per cent on the amount of the duty in American vessels, will fall to 10 per 
cent, oa that amount ; and the tonnage duty on foreign vessels, which is now- 



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1815.] SECRETARY OF THE TREASURY. 36 

two dollars per too, will fitll to fif^y cents per too. The extra daty is also 
liable to be affected by the operation of the act for abolishing all discrimi- 
nating- duties, upon a basis of natural reciprocity. 

By the laws now in force, the revenue arising from interoai duties will 
be affected in the following naonner. The duties on bank notes, on notes 
discounted by banks, and bills of excliange, (commonly called the stamp 
duties,) and the duty on refined sugar, wiU cease on the 18th of February, 
1816. All the other internal duties, together with the direct tax, and the 4 
increased rates of postage, will continue. 

Und» these circumstances, the revenue which will accrue to the United 
States, duritig tbo year 1816, is nat3mat«d as follows : 
From cu8fa)nB --.... $13,000,000 
From internal duties ..... 7,000,000 

From direct tax, (nett produce to the Treasury) - - 5,600,000 

Frmn soles of public lands ..... 1,000,000 
From postage, and incidental receipts - - - 400,000 

27,000,000 

The sums actually receivable into the Tieasory during the year are es- 
timated aa follows : 

From customs ...... $20,000,000 

fVom internal duties - - - - - 6,500,000 

Prom direct tax, including arrears of 1815 - - - 8,500,000 

Piom the sales of public lands .... 1,000,000 

From postage, and incidental receipts - . - 400,000 

36,400,000 
If to this be added the probable amount of money in the 
Treasury at the commencement of the year 1816, which 
may be estimated, exclusive of Treesary notes paid in 
previously to that time, on account of revenue and of 
loans, at the snm of ..... 3,000,000 

The elective ways and means of 1816 will produce, in the 
whole, the sum of ..... 3^400,800 

Bat as the demands upon the Treasury for the same year 
wilt amount, as above stated, to . - - . 43,884,269^ 

There will be left a deficit, to be sai^lied by means othar ' 

than the revenne, of the stun of - - • - 3,48 4,269 

III. OP THE REVemiE FOB 1816, EBTIUATED' ACCOftniNG TO THE MODI- 
FlCiTIOKH WHICH WILL BE EESPKCTPULLT 8VBHITTED. 

From the review of the financial measures <^ the Goremment, in refer- 
eoce to the receat state of war, which constitutes the first part of. the pre- 
sent report, it appears that the almost entire failure of the customs, or duties 
on importations, and the increasing necessities of the Treasury, rendered it 
necessary to seek for pecuniary suppUes in a system of internal duties ; 
but, both in respect to the subjects of taxation and to the amount of the 
several taxes, the return of peace has always been contemplated as a peiiod 
for revision and relief. In the fulfilment of that policy, a leductioo of ilie 



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36 BEP0KT3 OF THE (1815- 

^ cUreot tax ; a discoadBuaiice of taxw which, upon trial, bore pnvred nn- 
fnoductive, as well as inoooiTOiieiit ; and, above all, the eioiMFatioa of do- 
mestic manufactures from every obarf^ that can obetiuot or retard their 
prepress, seem to be the objects that particuIarlT' inrite the tegiBlative atten- 
tioa. I'here vill still renoain, however, a sufficient scope for the operation 
of a pemianent system of internal duties, upon those phndplas of nationt 
policy which have already been reqiet^fully suf^gested. 
^ As an eqdivalent for the diminution of tfaerevenae by the contemplated 
abolition or reduction of some of the duties and tax«, and in ohservance-of 
the public faith, which is pledged, in tbe case of sucfa aboliuan or ledsc- 
tion, to provide and substitute oibet dtuiea and taxes cqnaUy pcodnetive, it 
is intencted respectfully to recommend a continuance <^ the aatyaa import- 
ed salt, and a competent addition to the permanent rates of Ae duties «n 
merchandise imported. In the general tariff, which has been diraded by a. 
resolution of the House of Representatives to be prepared, and which wilt 
be sulniiitted to Congress as soon as the materiab for forminE it can be di- 
gested and arranged, the subject will be more distinctly as well as more satis- 
udofily presented; but as it is not probable that this measure can be so ma- 
tured as to go into operation on the 18th of February next, it becomes ne- 
oeisary to suj^est the expediency of continuing the present ratta of duties 
until the 30th of June ; when the new rates, with ali the twocssary detads 
to give efiect te the system, may be introduced, and sufficient notice to given 
to me merchants to regulate tlieir commercial operations accordingly. 

Id relation, then, to (he internal duties, it is intmded reqnctfnlly to re- 
commend that the dnties imposed at the last ssssioa of Congress, on vari- 
ous articles manufactured within the United l^ates, shall be abolished on 
-^. the ISth day of April next, which will complete the year, commencing from 
^^ the time tlie duties went into operation ; that the duty imposed during the 
last session of Congress, on spfos distilled within the Unttsd Sutes, shall 
be abolished onthe30thday of June next, but that, at the same time, there 
be added 100 per oeot oa the rate of the doty which had been charged ou 
Itcenses to distiUers of apintnous liqaon in tiie year 1613 ; that the duty 
on hoosehold Airnilure, and on gold and silver watohes, be abolished on 
the Slst day of March next ; that the additional duty imposed during tbe 
last session of Congreaa, on licenses to retail wines, spirituous Kquors, and 
fiir^gn merchandise, be abolished on the 3lst day of December, 1316; and 
that the duties on refined sugar, and the stan^ duties, be continued ; and 
r finally, in relation to the direct tax, it is intended le^iecliulty to reoffinmend 
f that, oB (he 31st day of March next, it be reduced to one-half of its present 
I amount; that is, to the ananal amouot of 98^000,000. 

Ilie «btraotion from tbe revenue by these changes and rediietions in 
the direct tax and the internal duties is esdmated at the annual sum of 
^JfiOOflOQ. But the substitutes for supplying the equivalent amount am 
estimated to produce, lot, friHD tbe increase of the duty oa licenses to distil- 
lers, and the continuance of the stamp duties, and duties on refined sugar, 
theaminal-aHmof 91|6O0|000; :Sd, from the continuance of tbe duty oa 
impcvted-aBlt, tbe annuid sum of $S00,000; and, 3d, from aninoeaseiwsB 
the permanent rates of duties on the import^on m foreign mertdienduae, 
tin BDnual snm of 95,<IOO,400. 

*Wie ftiU efiect of the aUemtions which have been stated will notbederrd- 
«ped nntfl «m!ne time after the year 1816 ; but if they be adopted, tbe aMe 
« Iheieteiraefbr that yettr, in &e two views of which it issttseeptible— lit, 

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1815.] . SECRETARY OF THE TREASURY. 37 

of revenue accrwng during tbe year ; and, ^ly, of money, receivable into the 
Treasary during the year, may be estimated as iott^ws : 

1. Tke revenne which will accrue in 1816 may be estimated — 

From customs ---..- $17,000,000 

Internal duties ---.-. 4,500,000 

Direct tax, (nett product to the Treasury) - - 2,700,000 

Sales of public lands - - - . . 1,000,000 

Postage, and incidental receipts - • - 400,000 

^,600 ,000 

2. The moneys vbich will be actually receirable into the Treasury, from 
fevenue in 1816, may be eetimated — 

From the customs - . . - . $31,000,000 

Internal daties .----. 6,000,000 

Direct tax, includtog arrears of 1816 - - - 6,000,000 

Sales of public lands - - . - . 1,000,000 

Postage, and incidental receipts ... 400,000 

$33,400,000 

If to the sum thus estimated to be receiv^le into the Trea- 
sury, from the revenue, during the year 1816 - - 933,400,000 

There be added the money which will probably be in the 
Treasury at (he honing of the year, - - - 3,000,000 

The aggregnle will be the sum of ... 36,400,000 

And the demands being estimated, as above, at - - 42,884,269 

There will be left a deficit of - - - - $6,484,269 

It is here, however, to be recollected, that tlu estimate of the demands 
on the Treasury 'compreheods the gross amount of tbe arrearages of die 
War Department and a provision for the whole of the floating public debt; 
■and although, for the purposes of a legislative appropriation, the a^regate 
of the expenditures tio be authorized for the year 1816 is nccesaaruy made 
the basis sf the official estimates, yet the uniform experience of the Trea- 
sury evinces that ibe demands for a considerable portion of the annual' ap- 
propriation will not be made during the year. 

It may also be observed, that to raise a revenue by the imposition, or 
-even by tbe continuance of taxes, adequate to the immediate discharge of 
every unliquidated demand upon the Treasury, at the close of an expraaive 
war, seems hardly to be necessary under the present circumstaaces of the 
country. Tiie prodact of the revenue, arranged in the manner which bas i 
Ijeen stated, may be estimated, afierthe year 1816, at an annui^ amount of 
nearly four millions greater than the sum required for the interest on the 
pablic debt, and for me probable expenses of the peace establishment If 
the public debt, therefore, were increased in the year 1816 by a sum equal 
to the whole amount of the deficit, as above stated, an equivalent reduction 
would be efiected in less than two years. The unexecuted authority to t>0T- 
row noney, and to issao Treasury notes, already provided by the acte of 
Congress, is sufficient Id enable the Treasary to meet tba deficit in either of 



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38 KEPORTS OF THE [1816. 

Uiese modes, and, consequently, no further legislative aid (except, perhaps, 
in the modification of th« issues of Treasury notes,) appears, nt this lime, to 
be required. 

III. Pro^iositiims for the improvetnent and management of the revenue ^ 
and for the support of public credit. 

I The propositions which are now to be respectfully submitted, relate — 1, 
I to the revenue; 2, to the sinking fund; and 3, to the national circulating 
{ medium. 

1. Propositions relating fo the revenue. 

The changes contemplated in the revenue, on the estimates of a peace es- 
tablishment, "havine been already stated, as the intended objects of recom- 
mendation, it is only now necessary to submit to the consideration of Con- 
gress the measures requiring their sanction for carrying the plan into effect, 

FSrst. It is respectfully proposed that the act of the 1st of July, 1812, 
imposing an additional duty of 100 per cent, upon the permanent duties on 
goods, wares, and merchandise imported into the United States from any 
foreign port or place, and the act of the 29th of July, 1813, imposing 
a duty upon imported salt, be continued in force until the 30th day of June, 
1816. 

Second. It is respectfully proposed that the act of the 24th of July, 

1813, imposing a duty on sugar re&ned within the United States; and the 
act of the 2d of Atigust, 1813, imposing a duty on bank notes, notes dis- 
counted, and bills of exchange, be continued by law in force, without 
hmitation, but with proper amendments, to render the collection of the du- 
ties more equal and more certain; and that the act of the ISth of December, 

1814, imposing duties on carriages, and the harness therefor ; and that so 
much of the act of the 23d of December, 1614, as relates to the duties on 
sales at auction, and to the increasing of the rates of postage, be allowed to 
remain in force. 

Third. It is respectfully proposed that there be a reduction or modifica- 
tion in the following taxes and duties : 
^ 1. That the direct tax be reduced from six millions to three millions of dol- 
lars, for the year 1816, and for each succeeding year. 

2. That the duties on distilled spirits be discontinued after the 30th day 
of June, 1816 ; and that the duty on licenses to distillers be raised on that 
day to double the amount fixed by the act of the 24th of July, 1813. 

3. That the duties on licenses to retailers of wines, spirituous liquors, 
and foreign merchandise, be reduced to the rates of the year 1813, with 
proper regard to the periods when licenses commence and expire. 

Fourth. It is respectfully proposed that the act of the ISth of January, 

1815, and the act of the 27th of February, 1315, imposing duties on various 
articles manufactured or made for sale within the United States; and the 
act of the 18th of January, 1815, imposing duties on household fumimre 

■ and watches, be absolutely and entirely repealed. 

Fifth. It is respectfully proposed that the act of the 3d of March, 1815, 
further to provide for the collection of the duties on imports and tonnage; 
and the act of the 3d of March, ISI 5, to fix the compensations and in- 
crease the responsibility of the collectors of the direct tax and internal da- 
ties, and for other purposes connected with the collection thereof, so far 
as it relates to the compraisation of the collectors of the direct dox and in- 
ternal duties, be continued in force, without limitation. 



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1815] SECRETARY OF THE TREASURY. 39 

2. Proposition relatio^ to the sinking fapd. 

The sinking fund, as it is at present constituted, amounts to the auanaJi 
sum of $8,000,000. 

It is charged, in the first instance, with the pttynient of the 
interest, and the annual reimbursement of the principal of the 
old funded debt, which will reqnire for 1816, and each of the 
two ensuing years, the sum of - - - - $3,460,000 

And it is charged with the payment of the interest, and 
the eventual reimbursement of the principal of the new funded 
debt The interest, computed on a capital of «70,000,000, 
■will require for the year 1816, and each subsequent year, the 
sum of ------ - 4,200,000 

The total present charge on the sinking fund, on aceonnt 
of the funded deU, bang tlte aonual sum of - - $7,660,000 

In 1818, the fund will be r^eased from the sunaal charge of $1,380,000, 
accruiu^ upon the nld six per cent, stock, as the stock will be then paid and 
extinguished; but in the same year it will be subjected to a charge of 
$3,000,000 for the firs: instalment of the principnl of the Louisiana stock, 
which will then become payable. In each of the two succeeding years, a 
similar sum will be payable ; and in the year 1821, such sum will be payable 
ns may be necessary to complete the reimbursement of that stock, and which 
is estimated at $1,923,500. 

The sinking fund is also, at present, charged with the payment of the 
principal and interest of the Treasury notes issued under the act of the 4th 
of March, 1814, atvl prior acts ; and of certain temporary loans, obtained 
under the loan acts of 1812, and of subsequent years. The several acts 
charging these payments on the sinking fund have directed that such 
Slims, in addition to the annual appropriation of $8,000,000, should be 
taken from any moneys in the Treasury not otherwise appropriated, as 
should be necessary to meet and satisfy the demand. The temporary loans 
and Treasury notes will, therefore, be probably paid, or absorbed, in 1817 ; 
and it is deemed unnecessary, for the present purpose, to include them in the 
consideration of the form and extent which it is proposed to give to the 
sinking fund in that year. 

In 1803, when the sinking fund was established on its present footing, 
the principal of the public debt was about $86,000,000; and the interest 
annually payable upon it about $4,500,000. At that time there was 
assigned to the sinking fund, out of the public revenue, $8,000,000; of 
which about $3,500,000 were annually applicable to the reduction of the 
principal of ^86,000,000. 

At the commencement of the year 1817, it is estimated that the principal 
of the funded debt will amount to $110,000,000, requiring the sum of 
$6,150,000 for the payment of its annual iiiierest. If a sum applicable to 
the ri;duction of the principal of the debt were now to be assigned, bearing 
the same proportion to that principal which the sum assigned in 1804 thea 
bore to the principal, it would amount to about $4,350,000. When it is 
added, therefore, to ^e sum of $6,150,000, which is necessary for the pay- 
ment of the interest, there would be required for the amount now to be set 
apart, to constitute the sinking fund, the sum of $10,500,000 per annum. 



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m REPORTS OF THE [1815. 

It is proposed, however, 10 carry the amountonlTtotbesamof 910,000,000, 
vhich will allow about $3,850,000 as applicable to the reduction of ihe 
principal of the debt ; a sum sufficient, if strictly and reenlarly applied 
without interruption, upon a conipouud principal, lo pay off the whole of 
the funded debt in a period less than eighteen yeaiB. 

Upon these grounds, then, the Secretary of the Treasury respectfully 
aubroits the following 

fltOfOSITION. 

That in the year 1917, and annually in every subsequ«it year, there bo 
appropriated (he sum of $2,000,000, in addition to the sum of !^000,0OO 
now annually appropriated for the payment of the interest and principal of 
^ public debt; that the payment of this additional sum be made out of the 
proceeds of the revenue thrived from the customs, the sales of public 
rands, and the internal duties, oi from either of tbero, available after the 
payment of the sums for which they are now respectively pledged or ap- 
propriated ; and that the said additional sum of $2,000/JOU annually be 
jMyable to the commissioners of the sinking fund, to be applied by them 
m the same manner as the moneys which they are now entitled by law to 
receive : thai is to say, Ist, to the payment of the interest on the puMic 
funded debt; 2dly, to the reimbursement of the priucipal, from ^me to time, 
afl the same, or any portion of it, shall become reimbursable, according to 
the terms of the contracts by which it has been created ; and 3dly, i^ler 
having answered these purposes, if there shall remain a surplus at their 
disposal, to the purchase of such parts of the public fVinded debt as shall 
appear to them to be most for the advantage of the United States, in the 
manner prescribed by law, and at a rale not exceeding the par value. 

3. Proposition relating to the national circulating medium. 

The delicacy of tliis subject is only equalled by its importance. In pre- 
senting itj therefore, to the consideration of Congress, there is occasion for 
an implicit reliance upon the legislative indulgence. 

By the constitution of the Uniied States, Congress is expressly vested 
with the power to coin money, to regulate ihe value of the domestic and 
foreign coins in circulation, and ( as a necessary implication from positive 
provisions ) to emit bills of credit ; while it is declared, by the same instru- 
ment, that « no State shall coin money, or emit bills of credit." (50) Under 
this constitutional authority, the money of the United States has been estab- 
lished by law, consisting of coins made with gold, silver, or copper, (51) 
All foreign gold and silver coins, at specified rates, were placed, in the first 
instance, upon the same footing with the coins of the United States ; but 
they ceased ( with the exception of Spanish milled dollars, and parts of such 
dollars ) to be a legal tender for the payment of debts and demands, in the 
year 1809. (52) 

The constitutional authority to emit bills of credit has iilso been exercised 
in a qualified and limited manner. During the exbtence of the Bank of the 
United States, the bills or notes of the corporation were declared by law to 
be receivable in all payments to the United States ; and the Treasury notes 
which have been since issued for the services of the late war, have becu en- 
dowed with the same quality. But Congress has never recognised, by law, 



(50) CoDEtitoiioii, art. 1. i^ec. P. 10. 

(5t ) See 2 vol. 37. ISO, 15S. 161 : 3 vol. 7. 221. 316 : 4 vol. ( 

(53) Sm 2 vol. 161 : 4 roL 63: 8 vol. 6G. 



tizedoy Google 



1815.] SECRETARY OP THE TREASURY, 41 

the notes of any other corporation, nor has it ever anthorized an isnie of 
bills <^ credit to serrs as a legal currency. The acceptaBce of the notes of 
banks which are not established by the federal authority, in payments to 
tile United States, has been properly lall to the vigilance and decretiMi of 
the Executive dej)artnient; whue the ciFCtilation of the Treastiry nolCfl, 
employed either to borrow money or to discharge debts, d^wnds entirely 
(as it OQght to depend) upon the option of the lenders and crediti»s to re- 
ceive them. 

The constitutional and legal foundation of Aie monelaty system of the 
United States is thue distinctly seen ; and the power of the Federal Govem- 
meot to institote and r^ulate it, whether the circnlatiog medium consist of 
coin or of bills of credit, must, in its general policy, as well as in the terau 
of ils investment, be deemed an exclusive power. It is true, that a system 
depending upon the agency of the precious metals will be afiected by the 
various circumstances which diminish theii quantity or deteriorate their 
quality. The coin ol a State sometimes vanishes under the influence of 
political alarms, sometimes in consequence of the explosion of mercantiie 
speeulations, and sometimes by the drain of an imfavorable course of trade. 
But, whenever the emergency occurs that demands a change of system, it 
seems necessarily to follow that die authority which was alone competent 
to establish the national coin, is alone competent to creale a national substi- 
tute. U has happened, however, that the coin of the United States has 
ceased to be the circulating medium of exchange, and that no substitute 
has hitherto been provided by the national authority. During the last year, 
the principal banlcs established south and west of New England resolved 
tiiat they would no longer issue coin in payment of their notes, or of the 
drafts of their customers for money received upon deposits. In this act 
the Government of the United States had no participation ; and yet the im- 
mediate effect of the act was to supersede the only legal currency of the 
nation. By this act, although no State can constitutionally emit bills of 
credit, corporations, erected by the several States, have been enabled to cir- 
culate a paper medium, subject to many of the practical inconveniences of 
tho prohibited bills of credit. 

It is not intended, upon this occasion, to condemn, generally, the suspen- . 
sion of specie payments; for appearances indicated an approaching crisis, 
which would, probably, have imposed it as a measure of necessity, if it had 
not been adopted as a measure of precaution. But the danger which ori- 
ginally induced, and perhaps justified die conduct of the bonlcs, has passed 
nway ; and the continuance of the suspension of specie payments must be 
ascribed to a new scries of causes. Tho public credit wid resources are 
no longer impaired by the doubts and agitations excited during the war, by 
the practices of an enemy, or by the inroads of an illicit commerce ; yet 
the resumption of specie payments is still prevented, either by the reduced 
slate of the national stock of the precious metals, or by the apprehension of 
a further reduction to meet the balances (rf foreign trade, or by the redan- 
dant issues of bank paper. The probable direction and duration of these 
latter cnuses constitute, therefore, the existing subject for delibernlion. 
While they continue to operate, singly or combined, the authority of the 
States individually, or the agency of die State institutions, cannot afford a 
remedy commensurate with the evil; and a recurrence to the national au- 
thority is indispensable for the restoration <^a national currency. 



tizedoy Google 



42 REPORTS OF THE [1815. 

In the selection of the means for the accomplishment of this importimt 
object, it may be asked, Ist, Whether it be practicable to renew the circu- 
lation of the gold and silver coins? 2dly, Whether the Stale banks can be 
successfully employed to furnish a uniform currency? 3dly, Whether a na- 
tional bank can be employed more advantageously than the State banks for 
the same purpose? ana, 4tbly, Whether the Government can, itself, sup^Jy 
and maintain a paper medium of exchange, of permanent and uniform 
value throughout the United States 7 

1st. As the United States do not possess mines of gold or silver, the sup- 
ply of those metals must, in a time of scarcity, be derived from foreign com- 
merce. If the balance of foreign commerce be unfavorable, the supply 
will not be obtained incidentally, as la the case of the returns for a surplus 
of American exports, but must be the subject of a direct purchase. The 
purchase of bullion Js, however, a common operation of commerce, and 
depends, like other operations, upon the inducements to import the article. 

The inducements to import bullion arise, as in other cases, from its be- 
ing cheap abroad, or from its being dear at home. Notwithstanding the 
commotions in South America, as well as in Europe, there is no reason to 
believe that the quantity of the precious metals is now (more than at any 
former period) insufficient for the demand throughout the commercial and 
■ civilized world. The price may be higher in some countries than in others, 
and it may be different in the same country at different times ; but, general- 
ly, the European stock of gold and silver has been abundant, even duriug 
the protracted war which has afflicted the nations of Europe. 

The purchase of bullion in foreign markets, upon reasonable lerms, is 
then deemed practicable; nor can its importation into the United States 
iail, eventually, to become profitable. The actual price of gold and silver, 
in the American market, would, in itself, afford for some lime an ample 
premium ; although the fall in the price must, of course, be proportionable 
to the increase of the quantity. But it is within the scope of a wise policy 
to create additional demands for coin, and in that way to multiply the in- 
ducements to import and retain the metals of which it is composed. For 
instance: the excessive issue of bank paper has usurped the place of the na- 
tional money; and, under such circumstances, gold and silver will always 
continue to be treated as an article of merchandise: but it is hoped that the 
issue of bank pq)er will be soon reduced to its just share in the circulating 
medium of the country; and, consequently, that the coin of the Unit^ 
Slates will resume its legitimate capacity and character. Again: The Trea- 
sury, yielding from necessity to the general impulse, has hitherto consent- 
ed to receive bank paper in payment of duties and taxes; but the period 
approaches when it will probably become a duty to exact the payment 
either in Treasury notes, or in gold or silver coin, the lawful money of the 
United Stales. Again : The mstitutions which shall be deemed proper, 
in order to remove existing inconveniences, and to restore the national cur- 
rency, may be so organized as to engage the interests and enterprise of in- 
dividuals in providing the means to establish them. And, finally, such 
r^ulations may be imposed upon the exportation of gold and silver as will 
serve, in future, to fix and retain the quantity require for domestic uses. 

But it is further believed, that the national stock of the precious metals 
is not so reduced as to render the operation of reinstating their agency in 
the national currency either difficult or protracted. The qnantity actually 
possessed by the country is considerable ; and the resuscitation of public 



tizedoy Google 



1S15.] SECRETARY OF THE TREAiSURY. 43 

tionfideace in bank paper, or in other substitutes for coin, seems alone to be 
wanting, to render it equal to tbe accustomed contribution for a circulating 
rDedium. In other countries, as well as in the United States, the effect « 
an excessive issue of paper money to banish the precious nietals has beeJ 
seen, and under circumstances much more disadvantageous than the present. 
The efiect of public confidence in natiotial institutions to recall the precious 
metals to their uses in exchange, has also been experienced. 

Even, however, if it were practicable, it has sometimes been qaestioned 
^vhcther it would be politic, again to employ gold and silyei for the purposes 
of a national currency. Itwaslong and nniversaily supposed, that, to main- 
tain a paper medium without depreciation, the certainty of bein? able to 
convert it into coin was indispensable ; nor can the experiment which has 
n^ven rise to a contrary doctrine be deemed complete or conclusive. But 
whatever may be the issue of that experiment elsewhere, a diSerence in 
the structure of the government, in the physical as well as politlcul situa- 
tion of the country, and in the various departments of industry, seems to 
deprive it of any important influence as a precedent for the imitation of the 
United States. 

In offering these general remarks to the consideration of Congress, it is 
not intended to convey an opinion that the circulation of the gold and silver 
coins can at once be renewed. Upon motives of public convenience, the 
gradual attainment of that object is alone contemplated; but a strong though 
re^>ectful solicitude is felt that the measures adopted by the Legislature 
should invariably tend to its attainment. 

2d. Of the services rendered to the Government, by some of the State 
banks, during the late war, and of the liberality by which some of tlicm 
are actuated in their intercourse with the Treasury, justice requires an ex- 
plicit acknowledgment. It is a fact, however, incontestabty proved, that 
those institutions cannot, at this time, be successfully employed to furnish a 
uniform national currency. The failure of one attempt to associate them, 
with tJiat view, has already been stated. Another attempt, by their aofency, 
in circulating Treasury notes, to overcome the inequalities of the exchange, 
has only been partially successful. And a. plan recently proposed, with the 
design to curtail the issues of bank notes, to fix the public confidence in the 
admmistration of tlie affairs of the banks, and to give to each bank a legiti- 
mate share in the circulation, is not likely to receive the general sanction of 
the banks. The truth is, that the charter restrictions of some of the banks, 
the mutual relation and dependance of the banks of the same State, and even 
of the banks of the difierent States, and the duty which the directors of each 
bank conceive they owe to their immediate constituents, upon points uf secu- 
rity or emolument, interpose an insuperable obstacle to any voluntary arrange- 
ment, upon national considerations alone, for the establishment of a national 
medium through the agency of the State banks. It is, nevertheless, with 
the State banks that the measures for restoring the national currency of 
gold and silver must originate ; for, until their issues of paper be reduced, 
their specie capitals be reinstated, and theirspecie operations be commenced, 
there will be neither room, nor employment, nor safety, for the intro- 
duction of the precious metals. The policy and the interest of the Slate 
banks must, therefore, be engaged in the great fiscal work, by all the means 
which the Treasury can employ, or the legislative wisdom shall provide, 

3d, The establishment of a national bank is regarded as the best, and 
perhaps the only adequate resource, to relieve the coantry and the Oovem- 



tizedoy Google 



44 REPORTS OF THE [1815. 

ment from the present emlmrrassments. ADthorizfid to issue notes friiich 
will be received in all paymenta to the United SCalea, the circul^ion of its 
inties will be ci^extetisive with the Union ; and theie will exist a constant 
iueinand, bearing a just proporEioii to the annual amount of the duties and 
taxes to be collected, independent of the general circulation, for com- 
mercial and social purposes. A national bank will, therefore, possess the 
means and the opportunity of supplying a circulating medium, of equal use 
and value in every State, and in every district of every Stale. Established 
by the authority of the Government of the United States ; accredited by the 
Government to tha whole amount of its notes in circulation ; and intrusted, 
as the depository of tbe Government, with all the accumulations of the pub- 
lic treasure ; the national bank, independent of its immediate capital, will 
enjoy every reoommendation which can merit and secure the confidence of 
the public. Oi^anized upon principles of responsibility, but of indepea- 
dence, the national bank will be retained within its legitimate sphere of ac- 
tion, without just apprehension from the ntiscondnct of its directors, or 
from the encroachments of the Government. Eminent in its resources and 
in its example, the national bank wilt conciliate, aid, and lead the State 
banks in all that is necessary for the restoration of credit, public and private ; 
and, acting upon a compound capital, partly of stock and partly of gold 
and niver, the national bank will be the ready instrument to enhance the 
value of the public securities, and to restore the currency of the national coiu. 
4lh. The power of the Government to supply and maintain a paper me- 
dium of exctiange will not be questioned; but, for the introduction of that, 
medium, there must be an adequate motive. The sole motive for issuing 
Treasury notes has hitherto been to raise money in anticipation of the rev- 
enue. The revenue, however, will probably become, in the course of the 
year 1616, and continue afterwards, sufficient to discharge all the debts and 
to de&ay all the expenses of th« Government ; and, consequently, there wilt 
exist no motive to issue the paper of the Government as an instrument of 
credit. 

It will not be deemed an adequate object for an issue of the paper of the 
Govemnent, merely that it may be exchanged for the paper of the banks ; 
since the Treasury will be abundantly supplied with bank paper, by the 
collection of the revenue ; and the Government cannot be expected to' ren- 
der itself a general debtor, in order to become the special creditor of the 
State banks. 

The co-operation of the Governtnent with the national bonk in the in- 
troduction of a national currency, may, however, be advantageously em- 
ployed, by issues of Treasury notes, so long as they shall be required for 
the puhlic service. 

Upon the whole, the state of die national currency, and other important 
con^emtions connected with the operations of the Treasury, render it a 
duty respectfully to propose- 
That a national bank be established at the city of Philadelphia, having- 
power to erect branches elsewhere ; and tliat the capital of the bank (being 
of a competent amount) consist, three-fourths of thv public stock, and otic- 
fourth of sold and silver. 

All which is respectfully submitted. 

A. J, DALLAS, 
Secretary of the Treasttry. 
TsEASURT Department, December &, 1816. 



tizedoy Google 



1915.] 



SECRETARY OP THE TREASURY. 
A. 



STA TEMENT of the aggregate <an»unt of the receipts aud expends 
tares of the TreasHry of the Umted ^States, for each pear, from th 
eommencemerU of the present Qoverntneni to the year l3l4. 



Year. 


Toial amonnl re- 


Total amount ex- 


ceived. 


pended. 


Totbenkdof thejrearlTSl - 


(4,771,342 43 


«3, 797, 436 78 


1793 - 




8,773,456 7« 


8,963,920 00 


1793 . 




6,4M,I95 15 


6,479,977 97 


1794 - 




».430,8&5 65 


9,041,593 17 


1795 - 




9,516,759 59 


10,151,340 15 


1796 - 




8,740,329 36 


8,367,776 84 


IWJ - 




8,758,780 99 


8,635,877 37 


i-m .' 




8,179,170 80 


8,583,618 41 


im - 




12,646,813 31 


11,002,396 97 


IBOO ■ 




IS,413,978 34 


11,952,534 12 


1801 - 




lti,945,4S5 95 


12,373,376 94 


1803 - 




14,995,793 95 


13,370,487 31 


1803 • 




11,064,097 63 


11.358,983 67 


1804 • 




11,826,307 38 


12,615,113 72 


1805 - 




13,560,693 90 


13,598,309 47 


1906 - 




15,559.931 07 


15,031,196 86 


1807 - 




16,398,019 36 


11,293,292 99 


1808 - 




17,060.661 93 


16,762,702 04 


1B03 ■ - - 




7,773,473 la 


13,867,326 30 


1810 - 




12,134,314 28 


13,309,994 49 


1811 - 




14,42-3,634 09 


13,592,604 86 


1812 - 




23,639,032 76 


33,279,121 15 


1813 - 




40,5B4,eM95 


39,190.530 36 


18U - 




34,878,43-2 25 


38,547.915 63 



t,i.a,Google 



REPORTS OP THE 



[1815. 



TABLE of duties imposed on goods, wares, and merchandise, manufac- 
tured within ike United iStates, or the Territories thereof, by the acts of 
the l&A of January, and 27th of F^ruary, 1813. 



Pig iion, bar iron, rolled or slii iroQ, per icm 
Cttsiings, of iron -..,... 
Nails, Drads, and sprigs, other ihaji those itsuallj denominated 
wrought, per pound ...... 

Candles, of while wax, or in part of while and other wax, per 

Mould ondleM, of talluw, or ofwai, olher than while, or in part of 
each, per pound -.-.... 
Hats and caps, in whole or in part ai leather, wool, or furs'; ban- 
neis, in whole or in part of wool or far, if above two dollars in 
value; bats, of chip or wood, covered with silk or olher male- 
rials, or no) covered, if above two dollars in valoe 
Umbrellas and parasols, if above the value of two dollars - 
Paper .---..-.- 
Playing and visiting cards --,... 
Saddles and bridles .-.-..- 
Boots and bootees, eiccediog Qve dollars per pair in valtie • 
Beer, ale, and porter .---.-- 
Tobacco, manufacmred, segars and snuff . . - . 

Leather, including therein all kinds of skins, whether tamied, 
tawed, dressed, or otherwise made .... 

Gold, silver, and plated ware, and jewelry and paste-work, except 






K per cent, ad valorem. 
6 per cent, ad vslorem. 
3 per cenl. ad valoreGi. 
50 per cent, ad valorem. 
6 per cenl. ad valorem. 

5 per cent, ad valorem. 

6 per cenl. ad valorem. 
30 per cenl. ad valorem. 

6 per cent, ad valorem. 



tizedoy Google 



1815.J 





SECRETARY OF THE TREASURY. 






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RBPCmTS OF THE 



SMALL TREASURY BOTES. 



STATEMENT of small notes issued, and estimate nf those re-issved 
prior to the lat of October, 1815.. 









For the payment of 


To whom issued. 


Dividend on 


The army. 


Expenses ofthe 


Sold tor a 






the public 




navy,aiidmis- 


premium. 






debt. 




ceUaneoos ex- 
penses. 




William GMdner 




«1,000 








Benjamin Anatin 




15,000 








Chnstopher Ellery 




2,000 








Robert Bienl 








8300,000 






Robert Brent 








454,000 






Robert Brent 








246,000 
















83,000 




B.HomaDS 










50 




Robert Brent 








3007000 






Jonwban Smith 












ssoo.ooo 


William Miller 












35,000 






6,300 








Christopher Ellery 




13,500 








Beniaimn Aostm 
William Few - 




160,000 










436,000 








James Marshall, »300,0(» no 
turned lo the Treasury. 


lied, re- 




















Amoontissaed ■ 


644,800 


1,300,000 


3,050 


335,000 


Amoanl estimated lo haW bee 


nii-issned 










after having been flmded 


or paid in 










for doiies or tales 


Mai 


558,300 


165,069 


106,631 


1,030,000 


T 


1,203,100 


1,466,069 


109.681 


1,365,000 


J7te notes 


sold, were sold at the foUotoitiff rates : 




Al4 per cent, premium 


8300,000 Amount of the premium 


913,000 


Zi do. do. 


19,600 do. do. 


637 01 


3 do. do. 


99,400 do. do. 


3,688 


SI do. do. 


65,000 do, do. 


1,512 b 


St do. do. 


381,000 do. do. 


7,0Et5 


St do. do. 


6,000 do. do. 


112 5 


9 do. do. 


340,000 do, do. 


6,800 


1) do. do. 


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Dedad sundry charges incurred . - . 

Sta amount of preminm received by the United Stntes 



tizedoy Google 



1915.;) SECRETARV OP THE TREASURY. 53 

F. 

NOTICE. 

Trea8«ey Department, March 10, 1815. 

In pursuance of powers which have been duly vested in the Secretary 

«f the Treasury, under an act of the Congress of the United States, entitled 

" An act to authorize a loan for a sum not exceedine; eighteen million 

four hundred and fifty two thousand eight hundred dollars," approved by 

the President of the United States on the 3d of March current, proposals 

will be received by the Secretary of the Treasury from this time until the 

first day of May next, (unless the amonnt required should be previously 

subscribed,) for a loan to the United Slates of the sum of twelve millions 

of dollars, or any pait thereof on the foUowing terms, and in the following 

manner: 

1. The proposals must state the amount to be loaned ; the rate at which 
tlie stock will be received; the instalments in which the party will make 
the payments, (not exceeding, for the whole, ninety days from the date of 
the subscription,) and the banks into which the payments will be made. 

2. The payments will be received either in money, or in approved bank 
notes, or in Treasury notes actually issued belbre the 3d of March cur- 
rent, under the acts of Congress passed, respectively, the 30th June, 1812, 
the 25lh of February, 1813, and the 4th of March, 1814, at their par value, 
with the interest accrued thereon at the time of payment. The kind of 
payment intended to be made must be stated in the proposab; and where 
the terms of subscription are equal, a preference will be given to offers for 
paying in Treasury notes which have become due and remain unpaid, 
with an allowance of the interest upon such notes, as well since as before 
they became due. 

3. On failure to pay any instalment at the time stipulated, the next pre- 
ceding instalment snail be forfeited for the use of the United States. 

4. Scrip-certigcates will be issued by the cashiers of the banks into 
which the puymenls shall be made, to the corporation or persons making 
the payments; the cashiers will also endorse the payment of the successive 
instaltnents. The scrip-certificates wilt be assignable by endorsement and 
delivery; and will be funded at the loan office of the State in which the 
bank is situated where the pa,yments have been made. 

6. For the amount loaned, stock will be issued when the instalments are 
completed, bearing interest at six per cent, per annum, payable quarter- 
yearly. The stock will be reimbursable at the pleasure of the United 
States, at any time aflar twelve years from the last of December next; and 
the sinking fund is charged with the punctual payment of the interest, 
and the reimbursem^it of the principal, according to contract. 

It is desirable, as far as the public interest will 4>ermit, to reduce the 
amount of the Treasury note detrt, and particularly the portion of it which 
is due and unpaid; and, therefore, an early subscnption ia recommended to 
4lie holders of Treasuiy notes. But, in order to save time and trouble, it 
may be piopet to observe, that the terms of the proposals should bear some 
relation to the actual fair price of stock in the market of Philadelphia or 
New York. 

A commission of one-fourth per cent, will be allowed to any person col- 
lecting subscriptions for the purpose of incorporating them in one proposal, 
to the amount of 25,000 dollars or upwards, provided such proposals shall 
be accepted. .. A. J. DALLAS, 

JS!ecretary of the Treasurv^ 



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1816.] SECRETAEY OP THE TBEASUKY. 

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REPORTS OP THE 



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SECRETARY OF THE TREASURY. 



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REPORTS OF THE [1816. 



NOTICE. 

Treasurt Defarthent, June 15, 1815. 

Arrangements are making to discharge tbe whole of the aitearages of 
the Treasury note debt, where the same became due and payable, as noon 
as a competent supply of cnrrent money can be obtained st the seat of the 
several loan offices. 

Arrangements are also making to furnish a competent issue of Treasury 
cotes, to assist in the re-establishment of a circulating medium throughout 
the United States; but it has been ascertained that an iasue of Treasury 
notes, not bearing interest, and fundable at seven per cent., cannot, at this 
time, be employed for that purpose. 

Notice is therefore hereby given, that funds have been assigned for Uie 
pajrment of such Treasury notes, and the interest thereon, as became due, 
or shall become due, at the loan office in Philadelphia, in the State of 
Pennsylvania, on the following days, to wit: 

On the 21st of November ; Uie Itt and 11th of December, 1814. 

The 1st of January ; the 1st and 21st of February ; the 31st <^ April ; 
the 1st, nth, and 21st of May; the 1st, 11th, and 2l8t of June; and the 
Ist, 11th, and 21st of July, 1815 ; being all the Treasury notes due, or 
becoming due, at Philadelphia, prior to me 1st day of August, 1815. 

And the said Treasury notes will accordingly be paid, upon the applica- 
tion of the holders thereof, respectively, at the said loan office, in the city 
of Philadelphia, on the 1st day of August next ; afler which day, interest 
will cease to be payable upon the said Treasury notes. 

And notice is hereby further given, that funds have been assigned for 
the payment of such Treasury notes, and the interest thereon, as became 
due at the loan office itt Savannah, in the State of Georgia, on the follow- 
ing days, to wit : 

On the 1st of April, and the 1st of Hay, 1615 ; being all the Treasury 
notes due at Savannah, prior to the 1st day of September, 1816. 

And the said last mentioned Treasury notes will accordingly be paid, 
upon the application of the holders thereof, respectively, at the said loan 
office, in Savannah aforesaid, on the 1 st day of September next ; after which 
day, interest will cease to be payable upon the said Treasury notes. 

And notice is hereby further given, that funds have been assigned for the 
payment of such Treasury notes, and the interest thereon, as became due 
at Washington, in the District of Columbia, on the following days, to wit : 

On the 11th and 21st of April; on the Isi and 21st of May; and on the 
nth of June, 1815 ; being all the Treasury notes due at Washington. 

And the said last mentioned Treasury notes will accordingly be paid, upon 
the application of the holders thereof, respectively, at the Treasury of the 
United States in Washington aforesaid, at any time subsequent to the date 
of this notice ; and interest will cease to be payable upon.the said Treasury 
notes after the 1st day of July next. And all Treasury notes hereafter 
payable at tbe Treasury of the United Slates, in Washington aforesaid, will 



tizedoy Google 



1815.] SECRETARY OF THE TREASURY. 69 

be there punctually paid, from timo to time, as the same shall become due 
and payable; and the interest thereon will ceaEe on the day or days when 
such Treasury notes shall respectively become payable. 

And notice is hereby further given, that funds have been assigned for the 
payment of such Treasury notes, and the interest thereon, as became due 
at the loon office in Baltimore, in the State of Maryland, on the 1st of 
June, 1815; and that the said last mentioned Treasury nolea will accord- 
ingly be paid, upon application of the holders thereof, respectively, at the 
said loan office, in Baltimore aforesaid, at any time subsequent to the date 
of this notice; and that interest will cease to be payable upon the said Trea- 
sury notes afler the 1st day of Jnly next. And all Treasury notes here- 
after payable at the loan office in Baltimore aforesaid, will be there punc- 
tually paid, from time to time, as the same shall become due and payable; 
and the interest tbeieon will cetise on the day or days when such Treasury 
notes shall respectively become payable. 

And notice is hereby further given, that as funds in current money can- 
not at present be obtained at Boston, in the Stale irf Massachtteetts, to pay 
sued of the Treasury notes as became due, and remain unpaid, at the loan 
office in Boston, afwesaid, on the following days, to wit: 

On the Lst of November, and the 11th and 21st of December, 1814; the 
21st of January, and the 1st of February, 1815; 

Subscriptions in the principal and interest of the said Jast mentioned 
Treasury notes will be received to the loan of twelve millions of dollats, 
at the rate of 95 dollars in principal and interest, in Treasury notes, for 100 
dollars of six per cent, stock. The holders, respectively, of the said last 
mentioned Treasury notes may also, at thdr option, receive drafts on Phila- 
delphia and Baltimore for the amount of their claims ; or they may exchan^ 
the old for new Treasury notes, fundable at six per cent., to include the 
priocipal and interest now due. 

And notice is hereby further given, that as funds in current money can- 
not at present be obtained at the city of New York, in the State of New 
York, to pay such of the Treasury notes as became diie, and remain un- 
paid, at the loan office in New York aforesaid, on the following days, to 
wit: 

On the 1st and 11th of December, 1814; the 1st and 11th of January; 
the 11th of February; the Uth of March; Uie 21sl of April; and the 11th of 
May, 1815; 

Subscriptions in the principal and interest of the said last mentioned 
Treasury notes will be received to the loan of twelve millions of dollars, at 
the rate of 95 dollars of principal and interest in Treasury notes, for 100 
dollars of six per cent, stock. The holders, respectively, of thesaid last men- 
tioned Treasury notes may also, at their option, receive drafts on Philadel- 
phia and Baltimore for the amount of their claims; or they may exchange 
the old for new Treasury notes, fundable at six per cent., to include the 
principal and interest now due. 

And, finally, notice is hereby given, that on the let day of August next, 
instructions will be issued, forbiodiug the collectors of dutie-s on imports and 
tonnage, the collectors of the internal duties and taxes, and the receivers 
of all public dues whatsoever, to receive in payment of such duties, taxes, 
and dues, the bank notes of any bank which does not, on demand, pay its 
own notes in gold and silver, and, at the same time, refuses to receive, credit, 
re-issue, and circulate the Treasury notes emitt^l upon the fiiith and se- 



tizedoy Google 



60 REPORTS OP THE [1815. 

curity of the United States, in deposites, or in pa3rments to or from the bank 
in the same manner, and with the hke effect, as cash, ot its own bank, 
notes. 

The loan officers of the several States are requested to make this notice 
^nerally known, by all the means in their power ; and the printers author- 
ized to print the laws of the United States will be pleased to insert it in theit 
respective newspapers. 

A. J. DALLAS, 
Secretary of the Treasitry. 



L 

NOTICE. 

TasAStrRY Department, June 23, 1816. 

Funds having been assigned for the payment of such Treasury notes, and 

the interest thereon, as wul become due at Philadelphia on the 1st day of 

August next, and on all snbsequent days, prior to the 1st day of January, 

1816: 

Notice is therefore hereby given, that the said Treasury notes will be 
paid, on the application of the holders thereof, respectively, at the loan office 
jn Philadelphia, on the day or days when they shall respective! y become due ; 
and intereston the said notes will cease to be payable thereafler. 

The commissioners of loans in the several Slates are req^uested to make 
this notice geneiaUy known by all the means in their power; and the print- 
ers authorized to publish the laws of the United States will be pleased to 
iosert it in their respective newspapers. 

A. J. DALLAS, 
Secretary of ike Treasury. 



tizedoy Google 



1815.1 



SECRETARY OP THE TREASURY. 

K. 



STATEMENT of moneys borrowed between the Ut of October, 1814, 
arid the 30fA of September, 1815, under the act of Congress of the litk 
March, 1812. 

From the committee of defence of the city of Philadelphia, 
jbr which 6 per ceat. stock was issued at pai • • $190,000 00 

Of which sum there was paid in the year 1814 8^0,000 00 
And in the year 1815 - - - 60,000 00 



STATEMENT of temporary hana made in the year 1815, [prior to 
the \st of October in that year,) under the several acts of Congress of 
the l&th November, 1814 ; the 3d of March, 1815; and 13tk of February, 
1815. 



Aci under 
vhich made. 


By whom made. 


Amount. 


Rate of inte- 


When reimbursable. 


18U. 
Novem. 15 
16 
15 
15 
15 
15 
15 
15 


MaDhaUanCompaoy.N.Y. 
Mechanics' BanVT do. 

<=%?."*■ t 

MEchanics' Bank do. 
MonhaUau Compaay, do. 
Bank of America, do. 
BankoflheSialeofS.Car. 

Bank of Virginia (a) - 
Fanners' Bank ufVa. (a) - 

BankofCkdnmbw. 
Onion Bank of Alexandria 


£300,000 00 
200,000 00 
900,000 00 
75,000 00 
75,000 00 
15,000 00 
75,000 00 
50,000 00 


7percenL 

do. 

do. 
6 per cent. 

^0. 

do. 
do. 

do. 

do. 
do. 

do. 
do. 
do. 

do. 


Mar. 1& May 1,1815. 
do. 
do. 

August 1, laia. 

do. 
do. 
do. 
December 1, 1815. 




950,000 00 




1815. 
March 3 
3 


150,000 00 
9»,00D00 


May 1, 1816. 

do. 




650,000 00 




Febraary 3 

3 

3 


25^000 00 
35,000 00 
25,000 00 
!£,000 00 


Three years. 

do. 
do. 
do. 




100,000 00 





(o) Tbise loans veie repaid in the mmih of July, 18IS. 



tizedoy Google 



REPORTS OF THE 
. L. 

TREAStraV NOTES BBARINQ INTEREST. 



[1815. 



STA TEMBNT of the amount of Treasury notes issued in the third 
and fourth qttarters of the year 1814, under the act of the iih of March, 
1814. 



■ 












































Toial. 


able. 


Boston. 


New York. 


Philaitel- 

phia. 


BalU- 


Wash. 

ingion. 


Rich- 
mond. 


Charles- 
Kin. 




1815. 






$3,300 










83,300 


Jnlv 1 






















75,000 


39,000 


















13,700 




•16,000 






57,700 


Angun 1 


J9Z.W0 




510,000 


840,008 


17,9B0 






719,600 






90,000 












354,300 












S,500 






S,50O 






































81 




40,000 






60,000 






100,000 


October 11 




S5,000 






500,000 






536,830 


21 


53,000 


338,000 


105,000 


100,000 


1,000 






496,000 


Novem. 1 


150,«» 


iWO,eoo 


100,000 




37,700 






477,700 








130,000 










145,000 




[3,000 














603,580 






















3,000 


50,000 


4;OG0 




11,100 






es^ieo 


SI 


300 


S3,l« 


08,000 


- 


31,180 


$15,000 


- 


137,«40 


Jnnaar? 1 


- 


387,000 


333,340 


- 


50,460 


- 


- 


659,700 




309,300 


2,501 ,5GD 


1,825,960 


905,000 


9-28, 34« 


15,000 


1M,000 


5,835,180 



Amount of Treasury notes issued in the first and second quarters of the 
year 1815, under the act of t/te ilh of March, 1614. 













When 




























able. 


Boston. 


WewYork. 


Fhiladid. 
pkia. 


Balii- 


Wash- 
ington. 


Rich- 
mead. 


Charlea. 

ton. 




1816. 


















Januanrll 




8440,900 


»w,aoe 




(34.630 






8606,130 




















Pebniaryl 




430,490 


1,196,380 


811,000 








l,«S3,eOO 




















31 










18,400 






18,400 






85,600 


1,900 




^,540 






109,340 


11 






400 




15,000 






15,400 


81 


































8,900 


















8,300 






















- 


- 




- 


- 


- 


- 


l.OOO 




50,000 


1,035,080 


1,414,980 


11,000 


371,660 


' 


- 


3,773,730 



,Google 



1815.] SECRETARY OP THE TRKASXmY. 63 

STATEMENT L— Continued. 

Recapitulation of TYeaaury nc^ea.^aued under the act oj Martit 4, 1814. 

Rporled to Congress by tie Sec- 

- 81.392,100 

■ 5,835,180 

■ 3,772,730 



It luithorized to be issued bj the act 



ST A TEMENT of ike aTnmni of Treamry notes issued in the 1st, 2d, 
and 3d quarters of the year 1815, under the act of the 26th of Decem- 
ba-y 1814. 



i 


Rei^^r^^le. 






1 


1 
1 


■1 

g 

0. 


i 


1 

.a 

1 


-6 

1 

i 


; 


■a 

1 


Total. 


1816. 
Feb. 1 
Feb. U 
Feb.. 21 
Mar. 1 
Mai. 11 
Mar. 21 
Apl 1 
Apl 11 
Apl 31 
MVt 1 
Maj3t 
June 1 
June 11 
,3uly SI 
Se^. 1 


"tS 


878,160 
1,365,340 

990,8ao 

116,060 
13,660 
176,740 
313,360 

4^,280 
6K,02a 
154,180 
401,420 


8145,480 
1,636,181 
234,00< 
360,9D( 
5&,200 
80, IW 
112,900 
81,009 

10,500 
33,000 
91,380 
10,000 


856,900 
50,000 

I33~5SO 
40,000 


«4,S6a 
4,500 


30,000 

6,200 

8,590 


l^ioo^ooo 


8343;000 


8280,440 
3,081,590 
224,000 
1,620,300 
213,260 
100,160 
289,640 
394,360 
13,440 
10,500 
465,280 
717,900 
164,180 
401,490 
343,000 




147,000 


4,664,240 


2,730,640 


280,380 


9,360 


t4,T80 


100,000 


342,000 


8,318,400 



STATEMENT of the amount of Treasury notes hearing inta-est, tsau- 
edprior to the 1st of October, 1815, under the act qf the 2ith of Feb- 
ruary, 1615. 



Date. Amoiuit. 

1815, August 2Iat 033,000 

Sepwmber Nl 306,600 

Se^Mtlber llth 103,000 

September Slst 36,900 

October iKt 314,100 

.Total -604)600 



tizedoy Google 



^4 REPORTS OP THE [1815. 

STATEMENT L— Continued. 

ESTIMA TE of the amount of the principal and interest of lYeasury 
notes of every description, which tctll come as a charge upon the Trea- 
sury durmg tM year 1816. 

1. Treasary notes be&rlng ioiereat: 
1. Snch as are chaiged upon the RinkiuK f'lad — 

AmouDi which became payable in 1814, and vhich WW Doipajd- - M,TO9,300 00 

Amoani which became pajnble m 1315 7,847,380 00 

AranuDt nhiidi will become payable in ISIS .... 3,772,790 00 

13,419,^«0 00 

3. Such OS are payable out of any moneys in the Tieosary not otherwise ap- 
propriated— 
Amount which will become payable in 1816 .... 6,318,400 00 

3. Such as arc not reimbursable in money, but may be funded for C per cent, 
stock at par, or paid for duties, laies, or any public does whatever — 
Amount issued prior to Isi October, 1815 , . - . . 691,600 00 

Amount estimated to be issued from Isl October lo 31st December, 1615 - 500,000 00 

33^,900 00 

[L Small Treasury notes, not on interest, not reimbursable in money, bat may 
be funded for 7 per cent, stock at par, or paid for duties, Inzeii, or any 
public dues whatever — 
Amount issued and reissued, per preceding statement, marked D, to 30tb 

September, 1815 84,142,8M 00 

Amount estimated to be issued and reissued from 1st Octo- 
ber to 31st December, 1815 .... 500,000 00 

4,613,850 00 

37,575,050 00 
Inieresi— 

The amoont estimated to be payable for interest, ou the notes bearine 
interest, is about 1,000(000 00 

38,575,050 00 

Towards the reimbursement of Treasury notes, payable al Pbiladel- 



Ehia, Baltimore, Washington, Charleston, and Savannah, there has 
Bcn advanced from the Treasury- the sum of - - 81,536,000 00 

', amount of Treasury notes bearing interest, sub- 
bribed to the loan prior to the 1st oroctober, 1815, 



■urrlh 
The amount of Treasury notes bearing interest, sub- 
ibed to the loan prior to the 1st orOctober, 18" 
. _s, principal and interest - - 83,161,587 - 

And it IS estimated that the amount sub- 
scribed between the 1st of October and 
31st December, 1816, will be - - e,500,000 00 

6,661,687 06 

7,197,587 06 

The amonni of small Treasuiy notes flind- 
ed for 7 per cent, slock, prior to the 1st 
October, 1815, was - . ■ 3,318,950 00 

And the amount estimated to be ftinded, 
between the 1st October and 31st De- 
cember, 1616, is - - . - 1,000,000 00 

4,318,950 00 

The amonnt estimated lo be redeemed by 

Eyments for duties, taxe, Ac., prior to 
. January, 1815, is, of TreaxDiy notes 
bearing interest .... 1,500,000 00 
Small Treasury notes - - - 100,000 00 

1,600,000 00 

13,116,537 06 

I^eaviiw, as Ifae amount outstanding at the end of the year IB15, and 
vhii£ will come as a charge upon the Treasun in the year 1816, of 
piincip&l and interest of Tieuury notes of all ocacnptunui - - 15,468,513 94 



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SBORETART OP THE TRBASORT. 

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REPORTS OP THE 
B. 



[IS16. 



A STATE JlifBNT exhibUing the value and quantities, re«pecti*elp, of 
merchandise on which duties aauallp accrued during the year 1814, 
(consisting of the differejice between articles paying duties, importedj 
and those entitled to drawback, re-exported;) and, also, o/" the ttett re- 
venue which, accrued, during that year, from duties on merchandise, 
tonnage, passports, and clearances. 



1,4» 09 dolUn, « ISl per cenL 

688 30 do. ' 15 '^do. . - - - 

4^13,839 03 do. 25 do. - 

803,131 05 do. 30 do. - 

131,785 15 do, 40 do. • 


»178 64 

102 34 

l,078,4fi7 S5 

340,939 33 

48,714 06 

131,03] 43 




a 5,940,856 61 do. Si do. - 


»l,M9,4t3 0» 
337,180 08 
179,313 34 
1,056,884 96 
156,641 7» 
887,938 30 
653,ffi3 80 
75,822 40 
SW,365G8 


i Spirits, 571,837 gallons, at 67.3 ceals avemga 
= WinM, 360,59* do. ai 43.7 do. do. - 
i Sunr, 30,670, 166 pounds, at &.1 do. do. • 
t Teas, 354,038 do. at 44.3 do. do. - 
MolasHs, 9,879,383 gallons, at 10 do. do. - 
Coffee, 6,538,338 pounds, alio do. do. • 
/Salt, 379,U26uahels,alSO do. do. - 
g All other articles 


48,853 46 
343.514 49 


Deduct daiies refunded, alter dednctiDg Uterefrora dntin on 
merchaodise, the panicnlars of vhiclk could not be ascer- 
tained, and diSerence in calcnlaUon 

private armed vessels ..... 


4,436,933 38 
.393,366 95 




4,800 39 
351,645 94 


31 per cent, retained on drawback . . . - 


4,044,566 43 
943 10 


eignvenels ....... 

eign vessels ---.... 


4,046,508 S3 

3M,«6 33 
150,000 00 


A iwamtft otttstandinff, estimated at • - * 


113,357 88 
34,390 81 


Duties on tonnage ---.-- 
Lightmonejr 


4,451,954 8G 

1J7,648 69 
736 00 




: 




4,5m,3S9 5& 


NettreTenue 


4,SM,476 70 



t,i.a,Google 



1815.J 



• SECRETARY OP THE TREASURY. 

Explanatory Statements and Notes. 



a MediterraDeBD Aind — 

Additional duty u[2i per cent, on S5,C40,856 61 

Bzira duijr of 10 pet cent, on merchuidise imported in foreign vessels 

3^ pel cent, retained on drawback .... 

Deduct duties refnnded S3U 43 

331 per cent on metchaDdise capttued bj private armed 
vesseU 16,214 64 



$131,031 43 

4,a00 3» 

654 



- 1st proof 
. Sd do. 
. 3d do. 



12,297 gallt 
3,470 do 
10,416 



do. at 63 do. 



do. Bi 76 do. 



571,837 do. 



! Wines- 
Malmsey, and London Particular MadeirB 
All other Madeira ... 
Burgundy, Champagne, Rhenish, &c. 
Sherry and St. Lucar, dtc. - 
Claret, in bottles 
Lisbon, Oporto, &r. - 
Teneriffe, Fayal, Malaga, &c. 
All other not specified 




e Teas- 
Bohea 
Souchong- 

Oiher green - 



30,670,168 do. 



17,367 ponnds, at S4 cents 

80,936 da at 36 do. 

69,433 do. Bt 64 da 

186,383 do. at 40 do. 



s from other places tlian 



/Salt- 
Weighing less than 56 lbs. per bnshel 36,9*15 bushels, t 
Weighin; more than 66 lbs. per bushel 343, B37 do. i 



6,886 32 
9,013 60 
6,457 92 
3,099 84 
7,600 00 
88,038 00 
97,033 93 
117,303 90 
458 38 



495 00 

99 80 

5,663 60 

8,514 60 

47,103 -a 

116,056 16 

n»,273 34 



134,369 36 
1,065,884 96 



4,166 68 
S9,I96 96 
44,430 72 
74,638 80 



tizedoy Google 



REPORTS OP THE 

Explanatory Statemertta and Noiea — Coniinued. 

g All Mb er articles, viz: 



^riu, domestic distilled, 1st proof • 

Do. do. 3d do. 

Beer, tie, and porter 
Cocoa 

Chocolate ... 
Sagar caady - ■ - 

loaf - 

other, refined, Ac. 
Almonds . . - 

Fmiia— Cairanta 

Prunes and plama • 
Figs 

Raisins, jar and moacaiel • 
Baisins, all olh« - 
Candles— Tallow - 

Wax, or spermaceti 
Cheese ... 

Tallow 

Spices —Nuimegs 

CinDBiiKiii - 

Cloves 

Pepper 

Pimento 

Cassia 
Tobacco, manufactured, other than si 

■egars 
Banff 

Goiitni 
Powder, hair 

gnn 
Starch 
aiue 

Pewter plates and dishes 
Iron, anchors and sheet 

slit and hoop - 
Nails 
Spikes 

QaicksilTer - . . 

Painis— Ochre, in oil 

dry, yellow - 

Spanish brown 

While and red Uad 
Iicad, and manubctaresof lead 
Cordage, tarred 

imtarred • 
Seines 
Cables 
Sieel - 

Twine and packthread 
Glauber salts - 
Coal 

FIA— Dri«d or smoked 
Pickled salmon 
mackerel 
other 



13 

1,945 

378 

55,S91 

24,487 

39,034 

11,708 

S04,S9I 

257,389 

29,766 

446 

36,9-i9 

79,900 



S,f>96 

343 

66,601 

139,70e 

60 

3,278 

3,655 

8fi,aS7 

343 

153,736 



16,543 

151,131 

96,541 

40,535 

3,693 

1,449 

13,863 

6,378,117 

68,306 

3,308 

05,131 

18,954,204 

1,118 

l.f 



5 1 131 



tizedoy Google 



1816J Secretary of the treasury. 

Erplanaiory SlaiemetUs and M>ta — Contiaued. 



; All other articles, viz : 



(3i»— black qnait bodies - . . gross 

window, DM ebovt B bv 10 incbes 100 sq. ft 

window, not above 10 of IS inches - io. 

wiDdow, above 10 by 12 iDches - - du. 

Stgiis - ----- M 

Foteigii lime ..... casks 

Bora . ..... pairs 

Ekmudslippen— silk - - -do. 

morocco, leather, &c. - da 

moroccu, for children - do. 

Cbib-wool and eotttm ... dozens 

jriafiug ..... packs 



11,090 00 
6,457 GO 
1,658 50 

670 50 
6,730 00 

363 00 

1,555 50 

97 00 

3,363 00 



TbEASDRIT DePABTHENT, 

Regi»Ufa Office, December 14, 1816. 



JOSEPH NOUBSE. 



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REPORTS OK THE 



[1816. 



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REPORTS OF THE 



(1816. 



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1816-] SECRETARY OF THE TREAaURT. 



REPORT ON THE FINANCES. 

DECEMBER, 1816. 



Iq obedience to the directions of the " Act supplementary to the act en- 
titled an act to estabHsh the Treasury Department," the Secretary of the 
Treasury respectfully submits the following report and estimates. 

REVBirUS. 

The nett revenue arisinE^ from duties on merchandise and tonnage, inter- 
nal duties, direct tax, public lands, postage, and incidental receipts, which 
accrued during the year 1814, amounted to - $11,500,606 25 

And that which accrued from the a&rae sources during 
the year 1815, amounted to - - - - $49,693 ,2 19 02 

Viz. 
Customs, as appears by stotemHit A 936,643,698 77* 
Internal duties do B 5,963,285 88 

Direct tax do G 6^23,159 26 

Public lands - - - 1,287,959 28 

Postage, and incidental receipts - 276,282 84 

$49,893,219 02 

The revenue which has accrued from the same sources 
during the first three quarters of the year 1816, and that 
which will accrue during the remaining quarter, is esti- 
mated to amount to - - - - - $38,650,000 00 
Viz. 
Customs . - - ^0,000,000 00 
Internal duties ... 4,150,000 00 
Direct tax (nett proceeds) - - 2,700,000 00 
Public lands (exclusive of receipts 

in the Mississippi Territory) - 1,600,000 00 

Postage, and incidental receipts - 300,000 00 



$38,660,000 00 



The receipts in the Treasury from the same sources, 
during the year 1816, are estimated to amount to - 46,900,000 00 

Viz. 
Customs . - , . 36,000,000 00 

Direct tax - - - . 4,200,000 00 

Internal duties - - - 4,900,090 00 

Public lands - . . 1,500(000 00 

Postage, and incidmtRl receipts - 300,000 00 



$46,900,00 00 



tizedoy Google 



74 REPORTS OP THE [1816. 

Receipts from loans, and Treasury notes: 

Loans under the act of 15th Nov., 1814, $243,911 39 

Loans under the act of 3d March, 1815, 318,675 52 

Temporary loans • - - 150,000 00 



Amount actually borrowed to 30th Sep- 
tember, 1816 - - - - 712,686 91 
Treasury notes: amount issued prior tothe 

1st October, 1816, under the act of 24tli 

February, 1815: 
Notes bearing ioterest, per 

statement L - - $4,274,800 00 

Small Treasury notes 

not bearing interest — 

amount issued and re- 
issued - - 6,773,168 00 



10,760,654 91 

Making the total amount estimated to be actually re< 
ceived into the Treasury during the year 1816 - - 67,660,564 91 

Cash in the Treasury at the commeacementof the year, 
(including an item of $6,361,126 43 in Treasury notes,') 
which had been paid for duties and taxes - - 13,106,592 S8 



Making the amount estimated to be actually received 
into the Treasury, during the year, including the sum in 
the Treasury on the 1st day of January last - - 70,667,147 79 

The application of the moneys actually received into the Treasury du- 
ring the year 1816 will be as follows : To the 30th September, the pay- 
ments have amounted to the following sums nearly : — (the accounts being 
not yet made up, the precise amount cannot be given :) 

For civil, diplomatic, and miscellane- 
ous expenses .... $2,369,404 99 

Military service (including an arrearage 
of $11,212,560) - - - 14,079,009 27 

Naval service - - - 2,707,009 27 



Public debt, viz : 
Interest and reimburse- 



- $8,009,936 34 



Reimbursement and in- 
terest of Treasury 
notes - - 6,606,650 24 



13,616,686 58 

-$32,762,416 84 



During the fourth quarter of the year the payments are 
estimated to amount to the following sums, viz : 
For civil, diplomatic, and miscellane- 
ous expenses - . - $750,000 00 
Military service - - - 2,460,000 00 
Naval service - - • 1,200,000 00 



tizedoy Google 



ISIG.] SECRETARY OP THE TREASURY. 75 

Public debt, viz: Interest and reimburse- 
ment to the 1st of January, 1816, in- 
clusive - - »2,100,000 00 
Ditto, reimburseroenC 
of Treastiiy^ notes 13,000,000 00 

$15,100,000 00 

$19,500,000 00 



52,262,416 84 
The receipts into the Treasury daring the year have 
been estimated at - - - $57,660,654 91 

And the balance at the commencement 13,106.692 88 

'■ 70,767,147 79 



Xieaving in the Treasury on the 1st January, 1817, the 

sum of $18,604,730 95 

Of which sum it is estimated that $10,000,000 will be in cash, and the re- 
mainder in Treasury notes, principally issued under the act of the 24th of 
February, 1615, which cannot be reimbursed without an appropriation for 
that purpose. 

Notwithstanding the favorable situation of the Treasury, the disordered 
state of the currency still continues to embarrass the fiscal operations of the 
Government. Tlie expectation which had been formed, that the demands 
upon the Treasury, in the eastern section of the Union, might be paid in the 
local currency by the end of the year, has not been realized. To dischai^ 
the claims in that quarter, arising from the interest and reimbursement of 
the public debt which will be payable ou the Isl day of January next, small 
Treasury notes must be is&ued, or a temporary loan must be obtained from 
the Bank of the United States, to the amount of those demands. The lat- 
ter alternative has been embraced, and a proposition for that purpose has 
been made to the bank, and has been favorably received by it. 

When those claims are satisfied, there will be no further embarrassment 
until the nextquarterly payment of interest. To prevent the necessity of re- 
sorting again to loans for that object, the re-issue of Treasury notes, of all de- 
scriptions, should be discontinued. When this course is adopted and perse- 
vered in, the revenue in that quarter will be collected in current money, and 
will be more than sufficient to satisfy ell the claims of the public creditors. 
The more certainly to effect that object, it is respectfully recommended that 
an appropriation be made during the present session of Congress for the re- 
imbursement of the whole of the Treasury notes issued under the act of the 
24th of February, 1816. The Treasury notes issued under the preceding 
laws have either been reimbursed, or provision made for that object,during 
the last quarter of the year. The acts under which they issued having, by 
appropriations, provided for their reimbursement, no iiirther appropriations 
are necessary for that purpose. 

OF THE PUBLIC DEBT. 

The funded debt contracted before the late war, which 
was unredeemed on the Ist of January, 1816, amounted, as 
appears by statement B, to - - - - $38,340,906 77 



tizedoy Google 



76 REPORTS OP THE ]18ia 

By the same statement, it appeois that the funded debt, 
contracted on account of the late war, amounted on that 
day to $65,914/134 29 

Making the whole funded debt on the 1st of Januuy, 
1816, amount to 104,285,341 06 

To vhich must be added temporary loans, viz : 
Due the Stale Bank, Boston - - $500,000 00 

Cumberland Bank, Maine - - 50,000 00 

Banks in the District of Columl»a - 175,000 00 
State of Nev York - - - 350,000 09 



1,075,000 00 

Making an nggie?ate amount, on that day, of - 105,360,341 06 

To this amount there have been added, between the 1st 
day of January, 1816, and the 30th of September, the 
following sums, viz: 

Six per cent, stock of 1814 - - $293,801 31 

Sis per cent, stock of 1816 - . 336,448 90 

Six per cent. Treasury note stock - 68,246 78 
Seven per cent. do. . - 4,570,621 00 



From which deduct temporary loans 
paid off - - $1,025,000 00 

Reimbursement of old 
six per cent and de- 
ferred stock - 846,639 76 



5,257,116 99 



3,385,477 23 

Making the whole public debt on the 30ih of September, 

1816, as appears by statement C, amount to - ~ 106,745,813 39 

Viz: 

Old funded debt - - - $37,494,267 01 

New funded debt - - . 71,201,661 28 

Temporary loan - - - 60,000 00 



$188,745,818 29 



Add the amount of 7 per cent stock, which it is esti- ' 
mated will be created during the last quarter of the year, 
by funding snail Treasury notes . - - 620405 00 

Makes the estimated amount of the public debt on the 
1st January, 1817 1 09,266,223 £9 

The subscription to the Bank of the United States, on 
the part of the Government, will create 6 per cent, stock 
to the amount of - . - . . 7,000,0*0 00 

And the compromise with the Yazoo claimants has 
created stock to the amount of - • . . 4,098,616 29 



tizedoy Google 



L816.] SECRETARY OF THE TREASURY. 77 

But as the first is only an exchan^ for the same amount of bank capital, 
which will probably produce an excess of diridends beyond the interest 
payable on the stock, equal to the reimbursement of the principal before 
the expiration of the charter, and the second bears no interest, and will 
probably be reimbursed by the sales of the public lands in the Mississippi 
Territory, during the three succeeding years, no further prorision for their 
ultimate redemption appears to be necessary. 

SINKING FUN pi- 
According to the existing laws, the sinking fund consists of a permanent 
appropriation of 5,000,000 dollars per annum, which is vested in the com- 
missioners of the sinking fund, to be by them applied to the pajonent of 
the interest of the public debt, and to the redemption of the principal. Of 
this sum, there wift be required, during the year 1817, for the payment of 
interest, $6,084,415 93; leaving the sum of $1,915,584 07 to be applied 
to the redemption of the principal of the debt. This sum, operating upon 
the principle of compound interrat, will not redeem the whole amount of 
the funded debt before the year 1B42. An attentive examination of the 
rise and progress of public debts in other countries cannot fall to impress 
the American republic with the necessity of making suitable exertions in 
periods of peace, to release the national revenue from so heavy an encum- 
brance. Altheugh, from our happy form of government, and from our 
fortunate geographical position, we may reasonably calculate upon being 
less frequently subjected to the calamities of war than has hitherto fallen 
to the lot of other civilized nations, yet reason and experience forbid the 
expectation that we shall be exempted from its evils until the redemption of 
the public debt shall be effected by the operation of the existing sinking 
fund. 

By referring to the laws authorizing the several loans, which, during the 
late war, have swelled the public debt to its present amount, Congress has 
uniformly pledged the faith of the nation to provide sufficient funds for the 
payment of the interest, and the redemption of the principal, of the debt so 
created. The time has now arrived when that pledge ought to be redeem- 
ed. It is therefore respectfully proposed, that there be annually appro- 
priated the sum of $8,000,000, in addition to the sum of $8,000,000, now 
applicable to the payment of the interest, and the redemfrtion of theprinci- 
j)at of the public debt ; and that that sum be vested in the commissioners 
of the sinking fund, to be applied in the same manner as the existing sink- 
ing fund. It is also proposed, that when the six per cent, stock can be pur- 
chased atpar,or the seven per cent, stock can be purchased at six per c«it pre- 
mium, or when a greater amount can be redeemed, according to the condi- 
tions attached to the different loans of which the funded debt is composed, 
than the amount of the sinking fiind applicable to 4he redemtHion of the 
principal of the funded debt within any one year, there be paia to thecom- 
missioners of the sinking fund the further sum of $1,000,000 out of any 
money^hi' the Treasury not otherwfae appropriated, if such^ymentcan-be 
made, leaving a balance in the 'Tre^ury at me end ttf' the year 'Of 
$2,000,000: -vi^iich additional sum ^all be ep^died to the redemption or 
purchase of the principal of the debt 

i5 the funded stock which maybe subscribed by individuals to the Bank 
of the United States is redeemable at the will of the Governm«>t, and as 
the Louisiana stock is to be reimboised in four annual iustalmeitts, com- 



tizedoy Google 



rS REPORTS OF THE [18X6. 

mencing in the year 1818, the effect of the provision will be an annual ad- 
dition ot $1,000,000 for the succeeding six years, if the stale of the Trea- 
sgry will admit ofits execution. 

By the operation of th& sinking fund, thus enlarged, the whole funded 
debt will be extinguished within the term of fourteen years. In the present 
unsettled state of the revenue, arising from excessive importations of foreign 
merchandise during the previous and present year ; from the change in the 
rate of duties imposed upon merchandise ; and from changes made in the 
various branches of internal revenue ; it would be unsafe to vest the whole of 
the surplus revenue of the present year in the commissioners of the sink- 
ing fund, as there is strong reason to believe that the revenue which will 
accrue during the year 1S17 will fall considerably below the permanent 
annual expenditure, inclusive of the addition proposed to be made to the 
sinking fund. That deficiency, as well as any other which may occur in 
the two succeeding years, will be covered by the balances which it is esti- 
mated will be in the Treasury on the 1st day of January, 1817, and 1818. 



The probable authorized demands upon the Treasury, during the year 
1817, are estimated to amount to - - - 5^21,751,797 57 

Viz. 

Civil, diplomatic, and miscellaneous 
expenses . - . . $1,765,613 03 

Military service, (including on arrear- 
age of $1,540,000,) - - - 7,999,625 79 

Naval service, (includiug $1,000,000 
for permanent increase of navy) - 3,986,658 75 

Riblic debt - - . . 8,000,000 00 



$21,751,797 57 



Deduct war arrearnges .... 1,540,000 00 



$20,211,797 6r 



Add for annual incidental expenditures not embraced 
in the estimate -..--- 288,202 43 



Making the permanent annual expetulitura - - 20,500,000 OO 

To which add the sum proposed to the sinking fund 3,000,000 OO 

Making, in the whole, an aggru^te amount for the 
permanent annual expenditure, until the public debt is re* 
deemed, of 23,500,000 OO 



The annual repon of the Secretary itf the Treasury for the year 1815 
estimated the revenue which would accrue during the year 1816, under the 
modifications proposed by that report to the existing laws for raising reve- 
nue, at ..,.,. $25,600,000 OO 
Viz. 

Customs - - - $17,000,000 00 

Internal duties - - 4}600,0Q0 00 



tizedoy Google 



1S16.] SECRETARY OF THE TREASURY. 79 

Direct tax, (nett ptoceeds) - - $2,700,000 00 

Pnblic lands - - - 1,000,000 00 

Postage, and incidental receipts • 400,000 00 

»25, 600,000 00 

But the revenue which has actually accrued duriag the 
year, is estimated, as already stated, at - - - $38,660,000 00 

Making an og^r^ale excess, beyond the estimate of the 
last year, of ----- - $13,06 0,000 00 

Which excess has arisen principally in the customs. 
By the same report, the money receivable into the Treasury during the 
year 1816, arising principally from revenue which accrued during the year 

1315, was estimated at $33,400,000 00 

Viz. 
Customs • • . - $21,000,000 00 

Internal duties - - - 5,000,000 00 

Direct tax . . - 6,000,000 00 

Public lands - - - 1,000,000 00 

Postage, and incidental receipts - 400,000 00 

$33,400,000 00 



But the actual receipts into the Treasury during the 
year, from those sources of revenue, are estimated at - 46,900,000 00 



Leaving an excess of receipts beyond the estimate, of $13,500,000 00 

The actual excess in the customs, beyond the estimate of 
1816, being $15,000,000 00 

In the internal dudes, direct tax, and postafre, there is a 
deficit of .-..''.. 2,000,000 00 



13,000,000 00 
Atid an excess in public lands, of - • - 600,000 00 



Making, as before staled, the whole excess - - $ 13,500,000 00 

The comparative statements just presented prove the extreme difficulty 
there was, in 1816, of making any estimate upon which reliance could be 
placed. The excessive importations of foreign merchandise, during the 
past and present year, have but in a slight degree diminished that difficul- 
ty. The revenue which accrued from imports and tonnage during the first 
tnreequarters of the year 1816 have averaged nine millions of dollars a quar- 
ter ; while that which will have accrued during the last quarter is estimated 
at not more than one-third of that sum. As tlie redundancy of foreign 
merchandise in the couutry, which has produced this extraordinary reduc- 
tion of duties in the fbuith quarter of tne year, will continue to influence 
the importations of the year 1817, the revenue accruing from that source 
during the year, probably, cannot be safely estimated above twelve millions. 

Dig tizedoy Google 



80 REPORTS OF THE [L8L6. 

We must look, therefore, to the revenue accruiag in the year 1818, as 
the average revenue arising from duties and taxes of a permaoeDt charaeter, 
by which the pernUinem expenditures of the Government should be rego- 
lated. From the facts in Ihe possession of the department, the revenue which 
will accrue during that year is estimated as follows, viz : 
Customs - - , - - $18,000,000 00 

Internal duUes - - - 2,500,000 00 

PubUc lands - - - 1,600,000 00 

Postage, and incidental receipts - 260,000 00 

Making an aggregate amount of - - - $22,260,000 00 

In the year 1B19, the first instalment of the bonus paya- 
ble by the Bank of the United States becomes due - 500,000 00 

During the same year, it is bdieved tbattheclaimof the 
State of Georgia wUl be paid, and the Hisdssippi stock 
will be absorbed by the sale of public lands in the Mississippi 
Territory, which will give an additional revenue from the 
public lands, for the year 1820, and for subsequent years, of 1,600,000 GO 

Making the revalue for the year 1820 amount to - $24,250, 000 00 

Which may be estimated as the permanent annual revenue aflei (hat 
period. 

But the receipts into the Treasury, during the year 1817, are estimated 
as follows: viz. 

Customs - - - . $24,000,000 00 

Internal duties ... 2,900,000 00 

Direct tax, (outstanding and receivable 

that year) - - - , 2,000,000 00 

Public lands - - - 1,500,000 00 

Postage, and incidental receipts - 250,000 00 

$30,660,000 00 

To which odd the balance in the Treasury on the 1st 
day of that year .---.. 10,000,000 00 



Total ways and means for 1817 - . -$40,650,000 00 

The expenditure for that year, as before stated, including 
the proposed addition to the sinking fund, is estimated to 
smonntto ...... 26,000,000 00 



Leaving a balance in the Treasury, on the Ist day of 
January, 1818, of 



$16,660,000 00 



WAYS AND MEANS FOR 1818. 



Balance in the Trea8Mry,asbefbre Mated $16,660,000 00 
Customs - . . - 12,000,000 00 

Internal duties - - - 2,500,000 00 

PuUicluids - • - 1,600,000 00 

Postage^ and incidental receipts - 250,000 00 

$31^,000 00 



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1316.] SECRKTARY OF THE TREASURY. 81 

The permanent «penditnre, includinff the proposed additioa 

to uie siakiog rand, has been estimated at - - $23,600,000 

Balance in the Tieasury, on the Ist of January, 1619, esti- 

mated at »8,400,0Q0 

WATS AND MEANS FOR 1819. 

Balance ia the Treasury, as above stated - $8,400,000 

Oustoms - . . - . 16,000,000 . 

Internal duties .... 2,600,000 

Public lands . . . _ 1,600,000 
Bonus &Oin the United States Bank, payable 

this year - - - . - 500,000 

Postage, and incideatal receipts - - 260,000 

^J31,150i000 

Pramanent e:q)enditure, as before stated > • - 33,600,000 

Learing in the Treasury, on the 1st day of January, 1820, a 

balance of . - - - - - 7,650,000 

Afier which period the permanent leveoue, as before stated, 
is estimatea to exceed the permanent expenditure taken as 

. the basis of this report, by the annual amotmt of - - 700,000 

Making an excess of revenue beyond the estimated expend- 
iture daring the next four yean, of • - - 8,40 0,000 

Applicable to such ottjects of internal impTovemeut at national defence 
as the wisdom of Congress may direct. 
All which is respectfnUy submitted. 

WM. H. CRAWFORD, 
Seertifny of the Dreasurjf. 
TaEABUILT Depasthsnt, 

Decembtr 16, 1816. 



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REPORTS OP THE 



11816. 



8TA TEMENT exhibiting the amotmi of duUe* wkiek actrued on mer- 
dumdiat, tonnaffe, pasaports, and deartmcet ; of dd^mitrret iasued on 
the exportation offoreiffn merchandise ; and of expenses of eoUeciion, 
during the year 1815. 



Qraes reveniie. 



•38;068^ 30 B618^I 



*87^,«93 98 BiOB^ « S3ljMa,5M 77 



STATEMENT of the funded debt of the United Slates, and of tempo- 
rary loan*, on the let ^ Jammrj/, 1816. 



rVNDBD DEBT. 



ExclotiTe of Sams pumd to the credit of the sidkitiff fiiad : 

Six per cent Block -917,250,87141 



Tiiree per cent stock - 
Deferred stock - 
Louisiana stock 
Six per cent, slock of 

1796- 
Excbauged six per cent 

stock of 1812 



Six pet cent stock of 

1812, U million loan 7,810,500 00 
Six per cent stock of 

1813, 16 million loan 18,109,377 43 
Six per cent stock of 

1813, 7^ million loan 8,498,681 95 
Six per cent stock of 

1814, 25 million loan 16,661,818 64 
Six per cent stock of 

18l6,$18,462,8001oan 11,952,700 74 

Six per cent, stock of 
Treasnry notes, beat- 
ing interest, funded at 
par - - - 2,481 63 

Seven per cent stock of 
small TteBsnrjr notes 
fimded . . 3,908,974 00 



16,168,180 79 
9,368,320 34 
10,923,500 00 



2,964,746 78 

$66,766,619 26 



66,944,434 29 



-9122,700,063 66 



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1816.] SECRETARY OP THE TREASURY. 

TBHFOBABT LOIKS. 

Due the State Bank, Boston - - $600,000 00 

Cumberland Bank, Maine - 60,000 00 

Banks in the Dis. of Colurobia - 175,000 00 

State of New York - - 350,000 00 



(o)$l,0r6,000 00 

' Nominal amount of the funded debt and temporory loans 
, 1st January, 1816 .... -$123,776,06356 

Deduct reimbursement of the old six per 
cent, and deferred stocks, to the 31st 
. December, 1815, per Treasury settle- 
ments - - - (6)924,341,990 6S 
Prom this sum deduct reim- 
bursement paid on stock 
sutsequently transferred 
to the sinking fund - $28,748 02 
And the difference between 
the nominal amount of 
6 per cent, and deferred 
stock exchanged, and the 
amount of exchanged 
stock issued in lieu there- 
of - - -6,898,630 17 

5,927,278 19 

18,414,712 49 



Unredeemed amount, Ist January, 1816 - ( c) $105,360,3 41 06 

Nominal amount, as abore stated, brou^t down $123,775,093 56 

81NK1KO FUND. 

The following sums are, in the l^easory bobks, passed 
to the credit o/ this fund : 

Foreign debt. 

6 per cent stock - $8,200,000 00 

4i per cent. do. - 820,000 OO 

4 per cent. do. - 3,180,000 00 

Domesivi debt. 

6 per cent, stock - 1,946,026 92 

3 per cent. do. - 698,565 41 

Deferred do. . 1,005,179 83 

8 percent, do. - 6,482,600 00 

Exch'd 6 per cent stock- 6,294,061 12 

Converted 6 per cent. do. 1,859,850 70 

4i per cent, stoc^ - . 176,000 00 

5| per c^L do. - 1,6^,900 00 



$13,200,000 Ctf 



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REPORTS OF THE 



Navy 6 per cent, stock - 

Louisiana do. 

6 per cent, stocli of 1818- 



[1816. 



*rii,700 00 

326,500 00 
324,200 00 



■ »21,6n,J63 98 



. 833,873,463 98 
W $167,648,617 5 3 



NOTES. 

(a) Amount of teinporary loans unpaid, 1st Jan. 1816 
iteceived iolo the Treaanry in 1815 : 
From the City Bank of New York 
Mechanics' do. 



Manhattan do. 

Mechanics' do. 

Bank of America 

Manhattan Bank 

City Bank 

Mechanics' Bank 

State of New York 

Banks in the Dis. of Columbia - 

Bank of Yirgiuia 

Farmers' Bank of Virginia 



do. 
do. 
do. 
do. 
do. 
do. 



0200,000 00 
200,000 00 
200,000 00 
76,000 00 
75,000 00 
76,000 00 
76,000 00 
200,000 00 
360,000 00 
175,000 00 
450,000 00 
200,000 00 



Paid ot! in 1816, per public printed accoimts 
Amount, tis alwve stated 



t600,0OO 00 



2,273,000 00 



2,875,000 00 
1,800,000 00 



tl,075,000 00 



(6) This is the aggieg^fa of the several annual settlements piedicated on 
the quarter-yearly diviaends, payable from the 1st January, 1796, inclusive ; 
and, after niaking the deducuons herein staled, will, on the fidl payment of 
the old six per cent, and deferred stocks, accord with their present nomiQal 
amount 

(c) Unredeemed amount, 1st January, 1816 - - 989,110,337 20 
Additions in 1815 : 

3 pel cent stock - . - 3 36 

6 per cent do. 1812 - • 60,000 00 

Do. do. 1814 - - 1,426,967 29 

Do. do. 1815 - - 11,952,700 74 

Do. Treasn^ notes funded - 2,48163 

7 percent. smaU do. do. - 3,908,974 00 



Temporary loans 



17,341,127 02 
2,276,000 00 



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1816.] SECRETARY OP THE TREASURY. 85 

Deduct reimbursement of old 
six per ceDt and deferred 
stocks in 1815 - 81,566,123 16 

And temporary loans paid off 1,800,000 00 

83,366,123 16 

$16,250,003 86 

■As above $1 05,360,34 1 06 

(rf) Nominal amount, including sinking fund,'lst January, 

„ 1815 $139,832,390 61 

Additions in 1815, including temporary loans - - 17,816,127 02 

As above - - - - . $157,648,517 53 

Tkbasdry Department, 

Rtgiater'a OJice, December 19, 1816. 

JOSEPH NOURSE, Register. 



ESTIMATE of the funded debt of the United Slates, and of the tem- 
porary loans, m the 1st of Oett^er, 1816. 

FONDED DEBT. 

Exclusive of sums piased to the credit of the sinking fiind ; 
Six per cent, stock - - $17,250,371 41 

Three per cent stock - - 16,158,180 79 

Deferred stock - - - 9,358,320 34 

Louisiana stock - - - 10,923,500 00 

Six pr cent stock of 1796 - - 80,000 00 

Exchanged six per cent stock of 1812 2,984,746 72 

$66,755,619 26 

Six per cent stock of 1812, 11 million 

loan - - - , 7,810,500 00 

Six per cent, slock of 1813, 16 million 

loan .... 18,109,377 43 

Six per cent, stock of 1813, 7^ million 

loan - . . . 8,498,681 96 

Six per cent, stock of 1814, 25 and 3 

million loan - - - 15,954,619 85 

Six per cent. Mock of 1815, $18,452,800 

loan .... 12,288,149 64 

Six per cent, slock. Treasury notes, per 

26th Febmary, 1815, funded - 60,727 41 

Seven per cent stock, small Treasury 

notes, funded - . - 8,479,595 00 

71,201,651 28 

127,957,170 64 

Dig tizedoy Google 



86 REPORTS OP THE [1816. 

TEHPORABY LOAMB. 

Due Cumberland Bank, Maine - - - - $50,000 00 



Nominal amount of funded debt and temporary loans, 1st 
October, 1816 128,007,170 54 

Deduct reimbursement of the old six per 
cent and deferred stocks, to the 31&t De- 
cember, 1815, per Treasury settlements $24,341,990 68 

To the 1st October, 1816, estimated at - 846,639 76 



25,188,630 44 
Deduct, as per last annual statement - 5,927,278 19 



19,261,362 25 

Unredeemed amount, 1st October, 1616 - - (o) $103,745,816 29 

Nominal amount, as above stated, brought down - $128,007,170 54 

SINKING FUND. 

The following sums are, in the Treasury books, passed 
to the credit of this fund : 

F\)reigH debt. 

5 per cent, stock - - $8,200,000 00 
4^ per cent, stock - 820,000 00 
4 per cent, slock • - 3,180,000 00 

$12,200,000 00 

Domestic debt. 

6 per c«it. stock - - 1,946.026 92 

3 per cent, stock - - 698,556 41 < 

Deferred stock • - 1,006,L79 83 

8 per cent stock - - 6,482,500 00 

Exchanged 6 per cent stock 6,294,051 12 

Converted 6 per cent, stock 1,859,850 70 

41 per cent, stock - 176,000 00 

SX per cent, stock - 1,848,900 00 

Navy 6 per cent stock - 711,700 00 

Louisiana 6 per c«nt. stock 326,500 00 

6 per cent stock of 1812 • 334,200 00 



- 21,673,463 98 
33,873,463 98 



(ft) 81 61,680,63 4 fia 



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1816.] SECRETARY OF THE TREASURY. ST 

NOTES. 

(a) UnredeeoMKl amount 1st of January, 1816 • - 9105,360^1 06 

Additions to 1st of Octobei, 1816 : 
Six per cent, stock of 1814 - - $293,801 31 

Six per cant stock of 1816 - - 336,448 90 

Treasury note six per cent stock - 58,246 78 

Treasury note seven per cent stock - 4,670,621 00 



Deduct tetnporary hxins paid off - 1,01^,000 00 

And leimbursement of the old six per 
cent, and deferred stocks - - 846,689 76 



6,257,116 99 
110,617,458 05 



1,871,639 76 

Unredeemed amount, as above - • - 8108,745,818 29 

(&) Nominal amonnt, including siting iiind, Ist of Jan- 
uary, 1816- - - - - -$157,648,617 53 

Additions in 1816 6,267,116 99 



162,906,634 62 



Deduct tranporary loans pud : 

To the State dank, Boston - - $500,000 00 

Banks in the District of Columbia - 176,000 00 
The State of New York - - 350,000 00 

. — . 1,025,000 00 

Nominal amonnt, as above .... $161,880,634 52 

TSEABUBT DePAHTHENT, 

Regista's Office, Deeentber 19, 1816. 

JOSEPH NOURSE, Rtgiater. 



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REPORTS OP THE [1817. 



REPORT ON THE FINANCES. 

DECEMBER, 1817. 



In obedience to the directions of the " Act suppLementary lo ' Ad act to 
establish the Treasury Department,' " the Secretary of the Treasury re- 
spectfully submits the following report and estimates. 



The nett revenue arising from duties upon imports and tonnage, internal 
duties, direct tax, public Iwds, postage, and incidental Kcei[»8, during the 

year 1816, amounted to 849,652,852 02 

Tiz: 
Customs - - - $36,303,231 77 
Internal duties - - - - 6,963,225 8S 
Direct tax - - - - 5,723,152 25 
Pnblic lands, exclusive of those in the State 
of Mississippi and the Alabama Terri- 
tory 1,287,959 28 

Postage, and incidental receipts - - 276,282 84 

And that which accrued from the same sources, duiing the year 1816, 

amounted to ----- - $36,743,674 07 

Viz: 
Customs (see statement A) - $27,569,769 71 
Internal duties (see statement B) - - 4,396,133 25 
Direct tax (see statement C) - - 2,786,343 20 
Public lands, exclusive of those in the State 
of Mississippi and the Alabama Terri- 
tory (see statement D) - - 1,764,487 36 
Postage, and incidental receipts - - 237,840 63 

It is ascertained that the gross amount of duties on merchandise and ton- 
nage, which have accrued during the first three quarters of the present 
year, exceed $17,000,000 ; and that the revenue arising from internal du- 
ties and &om the public lands, during the some period, exceeds that of the 
corresponding quarters of the year 1816. 

The balance in the Treasury, on the 1st day of January, 1817, exclu- 
sive of $10,666,287 89 in Treasury notes of every description, amounted 

to - - $11,295,692 86 

The payments into the Treasury, during 

the first three quarters of the year, are 

estimated to amount to . $27,095,984 14 



tizedoy Google 



1S17.] SECRETARY OF THE TREASURY. 

Tiz: 

Customs - - $21,732,068 22 

Internal revenue and di- 
rect tax - - 3,480,173 43 

Public lands, exclusive of 
those in the State of 
Mississippi and the 
Alabama Territoiy - 1,326,077 44 

Postage, and incidental 



Repayments into the 



tew 
Tn 



26,913 93 '•;;; 

630,761 13 

And the payments into the Treasury 
dtiring the fourth quarter, from the same 
sources, aie estimated at - • $5,980,000 

E Making the total amount estimated to be received into the 

[ Treasury, during the year 1S17, amount to - - $33,076,984 14 



Which added to the sum in the Treasury oo the 1st day of 

January last, makes the ag^^gate amount of - - 44,371,577 00 

The application of this sum for the year 1817, is esti- 
mated as follows, viz : 

To the 30th September the payments have 

amounted to - - - - $32,710,002 88 

Viz: 

Civil, diplomatic, and mis- 
cellanous expenses, ex- 
clusive of $376,000 
paid to the State of 
Georgia from the pro- 
ceeds of the Mississippi 
lands - - - $2,798,248 76 

Military service, including 
arrearages - - 7,106,816 90 

Naval service - - 2,044,474 25 

Public debt, exdusive of - , 

$3,692,927 60, of Trea- 
sury notes, which have 

been cancelled in due "^ 

course of settlement - 20,761,462 98 



During the fourth quarter it is estim^ed 
that the payments will amount to - 5,660,000 00 
Viz: 

Civil, diplomatic, andmis- 
ceUaneous expenses - $600,000 

Military service - - 1,110,000 

Naval service - - 1,300,000 

Pablicdebtto IstJanuary, 

1818, inclusive - 2,650,000 

Slaking the aggregate amooBt of '• • - 38,370,002 88 



oy Google 



flO REPORTS OF THE [t817. 

And leaving on that day, exclusive of J8,682,697 70 in 
Treasury notes, which are in a min of seulement in 
order to be cancelled, a balance in the Tresury of - $6,001,675 88 



OF THE PUBLIC DEBT. 

The funded debt contracted before the year 1613, whi<^ 
was unredeemed on the Ist day of October, 1816, as ap- 
pears by statement No. 1, amounted to $37,494,267 01 

By the same statement it appears that the 
funded debt contracted subsequent to 
the Ist day of January, 1813, amounted 
to 71,201,561 28 

Making toother the sum of - • 108,695,818 29 

To wmch must be added the temporary 
loan from the Cumberland Banl^ of - 60,000 00 

Making the aggregate amount of - - $108,745,618 39 

On the Ist day of January, 1817,there was 
added to the above amount, including 
$7,000,000 of five per cent, stock sub- 
scribed to the bank, and including also 
a temporary loan from the bank, of 
$500,000, the sum of - - - $7,877,471 61 

From which deduct the amount of the old 
six pet cent, and deferred stocks reim- 
bursed between the Ist day of October 
and the 1st day of January, 1817,inclu- 
sive, amounting to • - - 816,464 43 

Leaving the sum of .... - 7,061,987 19 

Making the pubUc debt which was unredeemed on the 1st 
day of January, 1817, as appears by statement No. 2, 
amount to ----- - 115,807,805 48 

From the 1st day of January to the 30th day of Septem- 
ber, 1817, inclusive, there was, by Ainding Treasnry 
notes, added to the public debt, as appears by statement 
No. 6, the amount of . . - . - 1,097,315 43 

Making on that day, as appears by statement No. 4, the 

aggregate amount of ----- 116,905,120 91 

During the same period there was puichased and redeemed 
of Uie public debt, including $650,000 of temporary 
loans, the sum of 16,993,376 5( 

Which deducted from the amount of the public debt last 
stated, leaves unredeemed on the Ist day of October, 1817, 
as per statement No. 3, the amount of - • - 99,911,646 4? 



tizedoy Google 



1817.] SECRETARY OF THE TREASURY. 

Since the 30th September there has been 
purchased or redeemed, of the priDcipal 
of the public debt, as appears oy state- 
ment No. 6, the amount of - - $333,235 16 

And there will be reimbursed of the prin- 
cipal of the old 6 per cent, aud deferred 
stock, to the 1st day of January, 1818, 
inclusive, the amount of - - 709,513 70 



Making together - - - - - $1,042,748 86 

Which being deducted from the aggregate amount of the 
public debt on the 1st October, were wilt remain tmre- 
deemed, on the 1st January, 1818, the sum of • 98,869, 96 S5 

By the same statement No. 6, it appears that the prinoipel of 
the public debt, purchased and redeemed during the year 
1817, including $550,000 of temporary loans, amounts to $18,036,023 72 
In this sum is included all the funded debt held by the ^nk of die Uni- 
ted States. 

The old six per cent stock will be redeemed in the course of the year 
1818. The fitst instalment of the Louisiana debt lalls due on the 21st da^ 
of October of that year. According to the terms of the convention, this 
debt is to be discharged by annual iostalmeats, of not less than three millions 
each. It is therefore presumed, that, consistently with the letter of the con- 
vention, the whole debt cannot be discharged in one payment. But for this 
obstacle, in the present state of the Treasury, and under the existing pro- 
visions of the sinking fund, the whole amount of the stock mi^t he 
redeemed on the 21st day of October next. It is believed that neither the 
letter nor spirit of the convention forbids the redemption of that stock, in 
two annual instalments, by which the whole debt will be redeemed on the 
2l5t day of October, 1819. 

After the redemption of the Louisiana stock, there is no part of the prin- 
cipal of the piibhc debt redeemable at the will of the Government until 
the 1st day of January, 1825, except the 6 per cent, stock, subscribed to the 
Bank of the United States. As the commissioners of the sinking fiind 
are not authorized to redeem the' 6 per cent, stock, the peimanent annual 
appropriation of 10,000,000 of dollars, from the year 1819 to 1825, under 
the existing laws, can only be applied to the payment of Qie interest of the 
public debt, and to the e;rBdual reimbursement of the principal of the 6 per 
cent deferred stock, and will leave during that period an annual surplus of 
nearly five millims of dollars. 

During the year 1825, the exchanged six per cent stock, the six per cent, 
stock of 1812, and the stock created by funding Treasury notes, amounting 
together to $18,895,456 23, will be redeemable. To the redemption of 
the -whole of this stock within that year, the sinking fund, by the aid of its 
surpluses, will not only be entirety adequate, but will be amply sufficient to 
redeem the remainder of the public deb^ at ^e several periods at which the 
. different stocks of which it is compsed become redeemable. The whole 
debt, including tbe 6 per cent, stock, will be extinguished during the year 
1830; except Uie 3 per cent, stock, which is not redeemable at the will of 
tbe Government 



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92 REPORTS OF THE [ISIT. 

It is not presumed that taxes will be imposed and collected, for the 
express purpose of purchasing the funded debt above its nombal value. It 
is, however, believed to be unsafe to reduce the revenue below the perma- 
nent annual expenditure, as now authorized by law, including the appropria- 
tiou constituting the sinktnr fund. A reduction below that amount would 
postpone the redemption oi the public debt beyond the periods when the 
several loans of wluch it is composed become redeemable, or impose upon 
the Legislature the duty of resorting to them anew for that object. 

If, then, the revenue shall, until the year 1835, be equal to the pieseot 
annual expenditure, it is respectfully suggested whether the public mterest 
will not oe promoted by authorizing the commissioners of the sinking 
fund to purchase the funded debt, at such rates above par, as in their judg- 
ment will be for the interest of the nation, rather than to suffer the annual 
surplus of the sinking fund to remain in the Treasury unapplied for five 
successive years. Should such an authority be given to the commissioners 
of the sinking fund, it is probable that the different species of stock would 
advance in pnce above their present current value; but as the authority- 
would be permissive, not imposing the obligation to purchase, it is probable 
that the surplus of the sinking fund might be more beneficially employed 
in purchasing the public debt, than by remaining idle in the Treasury until 
the year 1825. If that surplus could be annually invested, early in each 
year, at the present prices of the different species of stock, it woutd produce 
a saving to (he nation of not less than four millions of dotlnrs, between ttie 
1st days of January 1820 and 1825. The interest which will accrue on 
the 5 per cent.' stock, between the 1st days of January 1820 and 1825, when 
it is estimated the whole redeemable debt will be discnarged, will amount to 
$3,500,000. If, therefore, it is intended to redeem that stock, the surplus In 
the sinking fund may be legitimately applied to that object during the years 
1820 and 1821. '■»''■*■ 

By statement No. 8, it appears that the Treasury notes 
which have issued under the several acts of Congress on 
that subject have amounted to ... $36,133,794 GO 

Of which there has been cancelled at the 
Treasury .... $26,574,431 

There is now in the Treasury, which 
will be cancelled when settled,exclu8ive of 
$422,519 77, the estimated interest upon 
them, the amount of - - - 8,623,400 

Making together the sum of - - - - 35,497,831 OO 



Leaving outstanding an estimated balance of • 635,963 00 

As the outstanding Treasury notes arc convertible into funded debt, 
which is considerably above par, it is presumed that such portion of them as 
are not lost or destroyed will be fiinded, instead of being paid into the Trea- 
sury in discharge of duties and taxes. It is therefore probable that an addi- 
tion to the public debt will be made during the year 1818, nearly equal to 
the Treasury notes estimated to be outstanding. 

Statement E presents the state of the land offices in the State oi Missis- 



tizedoy Google 



1817.] SECRETARY OF THE TREASURY. 93 

dppi and in the Alabama Tenitory; from which it appears that the leceipts 
into the Treasury have amouated to $1,124,100 81, of which $431,120 
veie in Mississippi stock. 

Fiomtho proceeds of the sales of these lands, there has been paid to the 
Sue of Georf^ the sum of $688,441 33, and there has be^ transferred 
10 Ae State by the commissioners of the United States, under the act com- 
ptomiBin^ the Yazoo claims, that part of the ori^nal purchase money re- 
muDiiig in the State Treasury, amounting to $184,515 94j making together 
tbe som of |t872,957 27, and leaving still due to the State the sum of 
t377,M2 73, which is now ready to be paid under the provisions of the act 
of tbe 3d of March last. 
B; Gtaiement No. 7, it appears that the Mississippi slock, awarded by the 

ooaunsioners, amounts to - - - $4,278,434 00 

From wliich deduct the amount received into the Trea- 

soiy - 431,120 00 



Leaves outstanding the sum of - - . $3,847,314 00 

Which it is estimated will be received into the Treasury during the two 
aeoeeding years, inpayment of the public lands in the State of Mississippi 
ad in the Alabama Tenitory, or wilt be discharged by payments iVom the 
TnHory out of the proceeds of the sales of those lan^ 



Tbe importation of foreign merchandise daring the years 1816 and 1810 
w gie&tly exceeded what was presumed to be equal to (he annual average 
coDsamptifHi, that a general impression was produced that the importations 
daring tbe present year would fall greatly below that demand. Under this 
impression, the revenue accruing from that source, for the year 1817, was, in 
ihe annual report of the Treasury, of the 16th oTDecember, 1816, estimated 
tt 1^000,000 of dollars. But it is ascertained that the gross revenue aris- 
ing firom that source, during the first three quarters of the year, have ex- 
CBB^A nftOOfiOO of dollars, and it Is estimated that that of Uie whole year 
vfll exceed $22^000,000. 

It is piesamed that the importations from the East Indies, during the pre- 
■Dt year, greatly exceed those which will take place during several couse- 
cntive years; and that the reaction produced b^ the excessive importations 
«f 1815 and 1816 has, in somed^^ree, been dimmished by that circumstance. 
There is, however, just ground to believe that the revenue derived firom this 
mrce will not, for any given series of years, fall below that of the present 
yMi. Considering that this revenue, during the year 1807, (the last year 
tiat OUT commerce was not neatly embarrafBed by belligerant aggression,) 
-frr r^taA 16,000,000 of dollars; that the duties then imposed are consid- 
od)ty at^mented by the present tariff ; and that our pc^atton has increased 
■on than 30 per cent., carrying wiUi it, in the same d^ree, en increase of 
ifae mnos of procoring foreign articles, with an undiminished relish for 
ibor constunpuon ; it is presumed that the revenue from that source, during 
the psesent year, will be fimiMl to be less than that of any number of succes- 



tizedoy Google 



94 REPORTS OF THE [1817. 

According to these viewB, the pennanent anaual revenne mav be estimated 

to amonDt to $34^25,000 00 

Tiz. 

Oastoms 520,000,000 

Internal duties .... 2,600,000 
Public lands, ezclusire of the Mississippi 

and Alabama lands - - - 1,SOO,000 

Bank dividends, at 7 per cent - - 490,000 

Postage, and incidental receipts - - 35,000 

And the payments into the Treasury, during the year 
1818, Eoa^ be estimated at the same amount 

To which add the balance estimated to be in the Trea- 
sury on the 1st day of January, X818 - - 6,000,000 00 

Blaking bwether the sum of - - - • 130,626,000 00 

The probable authorized demands upcm the Treasury, 
during the year 1818, are estimated to amount to - 21,946,351 74 

Viz. 
CiTil, miscellaneous, diplomatic, and for- 

eiga intercourse - - $2,069,843 29 

Military service, including an arrearage 

of $500,000 .... 6,266,13225 
Naval serrice, including $1,000,000 for Ihe 

gradual increase of Uie navy - - 3,611,376 20 

Public debt .... - 10,000,000 00 



Which being deducted from the amount estimated to be received into the 
Treasury, including the balance on the Ist of January, 1818, leaves, on the 
1st of January, 1819, a balance in the Treasuiy of $8,578,648 2ffi which 
however, will be applied to the redemption of the Louisiana stock, under 
the provisions of the act for the redempuon of the public debt, passed the 3d 
day of March, 181 7, as far as those provisions will admit 
All which is respectfully submitted. 

WILLIAM H. CRAWFORD. 
Tbeabvrt Dbparthekt, December 5, 1817. 



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REPORTS OP THE [1817. 



STATEMENT »f the acentiag internal ^uiies, duriiiff the j/ear 1816, 
with the computed expenses of coUeetion. 

Aoiount of accruing duties .... $4,633,799 00 
Computed expenses of collection ... 337,665 76 



C. 

STATEMENT respectutg the direct tax, iv^oaed March 6, 1816. 

Amount of the tax imposed on the respecUre States - ^3,000,000 00 
Add amount of direct tax imposed on the District of Co- 
lumbia 9,999 20 



Computed expenses of collection, with the deductions 
made to assuming States for the prompt payment of their 

Quotas, viz : 
Id 3781,133 73 assumed by the States of New York, 
South Carolina, Gesrgia, and Ohio, on which a deduc- 
tion of fifteen per cent, was allowed - $117,110 06 
On 92,228,865 47 collected, or to be col- 
lected, by the collectors - - • 107,645 95 



Nett revenue - - - - • - - $2,786,3^ 20 

Revenue Office, Decetnber 1, 1817. 

SAMUEL H. SMITH, 
CommissioTter of the Revenue. 



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100 REPORTS OF THE [1817. 

No. 1. 

STATEMENT of the public debt of the United States, on the Ut of 
October, 1816. 

Six per cent, stock - - - $17,350,871 41 

Three per cent, stock .-. - 16,153,180 79 

Deferred stock - - - 9,358,320 34 

Louisiana stock - - - 10,923,500 00 

Six per cent stock of 1796 - - 80,000 00 

Exchanged 6 per cent, slock of 1812 2,984,746 72 



Six per cent, stock of 1812, 11,000,000 

loan ... - 7,810,500 00 

Six per cent, stock of 1913, 16,000,000 

loan .... 18,109,377 43 

Six per cent, stock of 1813, 7,600,000 

loan - - - - 8,498,581 95 

Six per cent, stock of 1814, 25 and 3 

million loan - - • 16,954,619 85 

Six per cent, stock of 1815, 18,462,800 

loan .... 12,288,149 64 

Six per cent, stock Treasury notes, per 

act of 25th February, 1815, funded 60,727 41 

Seven per cent, stock, small Treasury 
. notes, funded - - - 8,479,595 00 



356,755,619 26 



71,201,551 28 

S127',967,170 64 
Loan due Cumberland Bank, Maine - . - 60,000 00 



Nominal amount of pubUc debt, Ist October, 1816 . $128,007,170 54 
Deduct reimbursement of the old 6 per cent, and de- 
ferred stocks, by estimate - . , . 19,261,362 26 



Unredeemed amount, 1st October, 1816 - . J10S,745,818 29 

TaEASDRT Department, 

Register's Office, Decenibtr 19, 1816. 

JOSEPH NOURSE, RegUter. 

No. 2. 
STATEMENT of the funded deht of the United Slates, and of tempo- 
rary loans, on the 1st January, 1817. 

FUNDED DKBT. 

Old six per cent stock - - $17,250,871 41 

Deferred six per cent stock - 9,358,320 34 

Three per cent stock - . 16,158,180 79 

Louisiana stock - - - 10,923,600 00 

Six per cent, stock of 1796 - - 80,000 00 

Ezchftnged8ixperceDtstockofl812 2,984,746 72 

— ■ $66,766,619 26 

D,o-z?c.,,Gooj^lc 



^817.] SECRETARY OP THE TREASURY. 

Six per cent, stock of 1812, 11 millioa 
loan - - , . , $7,810,500 00 

Six per cent, stock of 1813i 16 million 
loan - .... 18,109,377 43 

Sii per cent, stock of 1813, 7^ million 
loan - - - - - 8,498,581 95 

Six pel cent stock of 1814, 25 and 3 mil- 
lion loan - - . . 16,954,619 85 

Sii per cent, stock of 1815, $18,452,800 
loan - - . . . 12,288,149 64 * 

Six per cent. Treasury note stock - 60,834 02 

Seven per cent, stock - - - 8,856,960 00 

Fi?e per cent, stock - - - 7,000,000 00 



$78,679,022 89 



TEMPOaARY LOANS. 

Dae Cumberland Bank, Maine - - $50,000 00 

Tbe Bank of the United States - - 600,000 00 



Nmiinal amount of the debt ai»i temporary loans, Ist of 
Jaonary, 1817 136,884,643 16 

Dedact amount reimbursed in the payment of 6 per cent 
per annum on the old 6 per cent, and deferred stocks - 20,076,836 67 



Dmedeemed amount of funded debt and temporary loans, 
onthelstof January, 1817 - - - , . - $116,807,806 48 

Tbeuobt Department, 

Register's Office, November 28, 1817. 

JOSEPH NOURSE, Register. 



No. 3. 
ESTIMATE of the funded debt of the United iStates, on the Ut of Oc- 
tober, 1817. 

Old six per cent stock, nominal amount $16,311,936 76 
Deferred stock, nominal amount - - 8,892,816 82 

26,304,761 68 
Deduct amount reimbursed in the payment 
of 8 per cent, per annum * - 19,870,745 49 

6,334,006 oe 
Three per cent, stock - - - 13,465,088 29 

Loaisiaua stock ... - 10,291,700 00 

Six per cent, stock of 1796 - - 80,000 00 

Excliansed six per cent stock of 1812 - 2,669,108 99 

* $31,839,903 37 

Six per ct stock of ]812,$ll,000,0001oan 6^,502 12 
Sixperctstockof 1813, 16,000,000 loan 16,746,676 87 
Six per^ct. stock of 1813, 7,500,000 loan 6,836^ 39 

I .,.„Gooj^lf 



102 REPORTS OF THE [1817. 

Six per cent, stock of 1614, 25 and 3 mil- 
Uon loBQ - - - $12,787,060 13 

Six per ct. stock of 1816, $18,452,800 loan 9,506,625 41 

Six per cent. Treasury uote stock, 25 mil- 
lion loan - - , ■ - - 1,033,96103 

Seven per cent, stock - - - 8,965,884 m 

Five per cent stock - - - 7,000,000 00 



$68,071,942 04 
Estimated amount uuiedeemed 1st of October, 1817 - $99,911,846 41 



Treasury Department, 

Registefa Office, November 28, 1817. 

JOSEPH NOURSE, Register. 

No. 4. 

COMPARATIVE STATEMENT of the funded debt of tkt UnUed 

Slates, between the \st of October, 1816, and \st of October, 1817. 

1. Amount of the public debt, as stated on the 1st of October, 1816, and 
referred to in statement C, accompanying the report of the Secretary of the 
Treasury to the House of Representatives of the United States, dated De- 
cember 16, 1816 $108,745,818 29 

To which add : 
The five per cent stock loan of - - $7,000,000 00 

Treasury note stock, issued in 4th quar- 
ter of 1816 - - $106 61 
Seven per cent, stock, is- 
■ sued in 4th qr. of 1816 377,305 00 



Temporary loan obtained from the Bank 

ofthe United States - 



377,471 61 



116,623,289 90 



Deduct estimated amount of reimbursement of six per 
cent and deferred stocks in the 4th quarter of 1816 - t5l&,4e4 Vi 

2. Unredeemed amount of funded debt and tempoiaiy 

loans, ist of Jauuary, 1817 .... 115,807,806 48 

Additions from 1 st January, 1817, to 1st October, 1817 : 

Seven per cert, stock - - - $98,930 06 

Six per cent. Treasury note stock - 998,386 43 



Deduct reimbursement of old six per cent, and deferred 
stocks, from the 1st of January to the 30th of Septem- 
ber, 1817 ... - $894,484 64 

Deduct amount of the se- 
veral species of stock 
purchased per state- 
ment - . $14,606,208 38 



1,097,315 43 

116,905,120 91 



tizedoy Google 



:» 817.] SECRETARY OP THE TREASURY. 103 

And difference between 
xiominal amount of three 
per cent, stock, and at 65 
per cait. - - - $942,582 « 

«15,548,790 86 

Tei^wraryloaDS paid off 
to the Bank of the United 
Slatee - • - 500,000 00 

Cumberlaod Bank, Maine 50,000 00 

550,000 00 

816,993,275 50 



3. Unredeemed amount, 1st October, 1817 - - $9 &,91 1.8 45 4 

Tkbasdry Depakthemt, 

Register's Office, November 28, 1817. 

JOSEPH NOURSE, Register 



A STA TEMENT of the stock purchased and redeemed between the 
\at January, 1817, and the 30M September followmg. 

Amount of stock redeemed,as per statement A, herewith : 
the three per cent, at 65 - - - - - $14,60 6,208 38 

Amount of stock redeemed, inclndine^ the three per cent 
at nominal 816,548,790 86 

Estimated reimbnrsement of the old six per cent, and de- 
ferred stocks, in the first three quarters of IS17 - - 894,484 00 

Temporary loans paid off to the Cum- 
berland Bank . , , - $60,000 00 

Temporary loans paid off to the Bank of 
the United States - - - - 500,000 00 

550,000 00 

Amountfromlst January, 1817, to SOth Sept. following, $16,993,274 86 

Add to the end of the 4lh quarter of 1817, 
for reimbursement of old six per cent, and 
deferred stocks, per estimate - - $709^13 70 

Purchases of stock since the Ist October, 
as per statement herewith - - - 333,235 16 

. . 1,043,748 86 

818,036,023 72 



Tkeashry Department, 

Register's Office, November 28, 1817. 

JOSEPH NOURSE, Register. 



tizedoy Google 



104 REPORTS OF THE [1817. 

No. 6. 
A STATEMENT ihowiag the additions made to Ike debt by the fuTtd- 
ing of Treasury notes, between the Ist January, 1817, and the IsC 
October JoUoaing, 

Seven per cent, stock ----- $98,930 00 
Treasury note stock 998,386 43 



$1,097,315 43 

TsEAsuRT Department, :^= r 

Begiater'a Office, 28th November, 1817. 

JOSEPH NOURSE, Regiater. 



No. r. 

The Register b^ leave to present the following statement in relation to 
the Mississippi stock certificates, subject to a correction on a comparison 
with the commissioners of the Yazoo claims. 

Amount of awards to the Upper Mississippi Company - $350,000 00 
Tennessee Company - - 631,428 05 

Georgia Mississippi Company - 1,409,064 96 
Georgia Company - - 1,887,029 75 

Persons claiming under citizens' 
rights - - 100,922 IB 



$4,278,434 91 
Amount of certificates issued from the Treasury - - 4,249,114 Oii 



a to be issued, subject to correction - , - (a) $29,320 89 

(a) Exciting a claim of the State of Georgia for about $100,000, as 
stftted by the Secretary of the late Board of Commiaaioners. 
Treasury Department, 

Register's Office, Ut December, 1817. 

JOSEPH NOURSE, Register. 
Hon. W. H. Crawford, Secretary of the TYeasvry. 



No. 8. 

A STA TEMENT of the several denominations of Treasury notes is- 
sued, showing the ammtrU outstanding on the 30fA September, 18L7. 

Treasury notes were issued under the act of Congress of 
30th June, 1812, to the amount of - - - $6,000,000 00 

26th February, 1813 ... - - 6,000,000 00 

4lfa March, 1S14 10,000,000 CO 

26th December, 1814 ----- 8,318,400 00 
24th February, 1816, of $100 notes - $4,422,400 
Small Treasury notes 3,392,994 

~ 7,815,394 00 

Total anioant issued - $36,1 33, 7 94 00 

DigtizedoyGOOJ^Ic 



1817.] SECRETARY OP THE TKEASUftY. 

Of the above, there have been cancelled 



at the Treasury 




S26,574,431 00 


Small Treasury notes in the several banks, 




New Hampshire 


$179 00 




South Boston 


3,472 00 




Manhattan - 


3,654 00 




Pennsylvania 


390 00 




Columbia • 


639,994 00 




Branch Bank, Wash'n 


2,675,811 00 


3,323,400 00 


la the Auditor's Office, in a course of 


cancelment, for six per i 


cent stock, at 




Treasury of U. Stales - 


$14,192 34 




New Hampshire loan office 


61,961 73 




Bhode Island - 


18,595 90 




New York 


326,828 68 




North Carolina - 


8,756 92 




South Carolina - 


268,415 23 




Geo^ - 


3,561 83 






701,312 63 




Balances in the several 






banks, viz: 






State Bank, 






Boston -$10,786 55 






City Bank, 






N. Y. - 571,608 70 






C. County - 712 10 






Tennessee- 3,603 16 


586,715 51 




Dead Treasury notes in the 






several banks : 






Br. Bank, 






Wash'n $4,643,745 49 






Columbia 90,746 24 


4,734,491 73 
6,022,519 77 




Fromwhich deduct the es- 






timated amount of inter- 






est included in the above 






sum - 


422^19 77 


6,600,000 00 


Balance outstanding, viz: 






Small Treosury notes - 


69,594 00 




Other notes, by estimate 


566,369 00 


636,963 00 


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As ^wve 


$36,133,794 00 



Register'a Office, Nov. 27, 1817. JOSEPH NOURSE, Segister. 



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REPORTS OF THE 

STATEMENT A— Continued. 



[1817. 



A STATEMENT of moneys advanced/a- the redemption of the pubUt 
debt, by purchasers, from \at April to Isl October, 1817. 

Mooejs advanced lo agents and 10 the Bank of the United Slates: 

To JoBUhan Smith, cashier Banlc U. S.^s per warrants Nos. 65, 66, 163, 164 $332,540 2i 

Richard Smith, cashier Branch Bk, Washington, do. 437,438 ■ ■ 7^,048 4C 

J.B. DandridKe do. Richmcnd, do. 3S7, 388 • - 57,109 T 

Samael Frothmghom, do. Boston, do. 194, 333, 233 ■ 138,113 9i 

Lynde Catlin, do. New York, do. 195, 380, S34, 235 231,374 Ch 

' ■'"' "" ■' -"^ da Ballimore, do. 177,674,284 - 890,927 11 

do. New Haven Bank, do. Ml, 542 - - 911 G: 

do. Roger Williams Bank, do. 323, 224 - - 4,063 5( 

do. UiuonBaiik,N.Htu[9.do. 335 - - 206 » 



J. W. McCulloch, 
U. B. PjTlchOD, 

N. Waterman, 
John Rice, 



To the Presidenl, Diredon, & Co. of the Bank U. £ 



Application of the foregoing in the redemption of the public debt : 
Nirminal 

In the pnrchase of old 6 per cent sioek - 8938,935 65 $87,069 63 

Deferral finer cent. - 465,504 53 216,794 73 

Threeperceot. - 3,693,093 50at65ct.l,760^10 09 

Eicbanged 315,637 73 

Louisiana 631,800 00 



Six per cenL of 1819 



»87,129 G 
816,959 9 
I,750,4fi2 6 
314,567 7 
632,301 5' 

3,001,819 10 3,001,441 4 



1813 ■ 16,000,000 

1813 - 7,500,000 

1814 - 10,000,000 
1814 - 6,000,000 
1814 • 3,000,000 



to aj^ts, included io the above advances. 
To Jonathan Smith 
Richard Smith 
J. B. Dandridge 
S. Frothingha^ 
Lynde Catlin 



J. W. McCultoch 
H.R.Pj^i« 
M. Waterman 
John Rice, 



1,550,758 16 
906,507 54 

- 9,782,524 23 

5 91 

- 35,358 43 

14,6( 



SS79 89 
179 67 
14S41 
344 42 
576 99 
2J»0 94 
997 
10 13 



1,408,381 2! 
1,547,358 1< 

aoe.507 5- 

8,779,868 r 



Qain on the pnrchases — 
Amount of stock redeemed, iocloding the 3 p«r cent, at 65 per cenL 

Cost, incladiagc< ■ • - 



- 15,518,790 f 

- 14,601 ,073 : 

947,717 E 



Treasury Department, 

Reeistet'a OffKO, November 26, 1817. 

JOSEPH NOURSE, Register. 



1817.] SECRETARY OF THE TREASURY. 



STATEMENT of the slock purckaaed on account of the commiasioners 
of the sinking fund, subsequently to the \3t of October, 1817. 

Seven per cent stock purchased of the Bank of the Cost 

QDited States, unouat - $333,984 60 at S106 61, - $354,661 89 

Old six per cent stock, 
nonunal amount $400 96, 
QDredeeiDed amount - 31 04 at par - 31 04 

Deferred stock, nonuoal 
uDODnt$158 98, unredeem- 
ed amount - - - 72 66 at per • 72 66 

Three per cent stock, 
■ominal amount $226 94, 
It 65 - - - . 146 86 - - 146 86 



$333,235 16 $354,912 46 



TkBASCRT DePARTHENT, 

Register's Office,28(h Noven^er, 18»7 

JOSEPH NOURSE, Begister. 



tizedoy Google 



REPORTS OF THE 11818. 



REPORT ON THE FINANCES. 

NOVEMBER, 1819. 



In obedience to the directions of the '■ Act supplementary to the act to 
establish tlie Treasury Department," the Secretary of the Treasury respect- 
fully submits the following report and estimates : 



The nett revenue arinng from duties upon imports aud tomiage, internal 
duties, direct tax, public lands, postage, and incidental receipts, during tiie 
year 1816, amounted to - - - - - J36,743,sf4 07 

Viz. 
Customs - - - $27,669,769 71 

latemal duties - - - 4,396,133 25 

Direct tax - - - - 2,785,343 20 

Public lands, exclusive of Mississippi 

stock .... 1,754,487 38 
Postage, and incidentallreceipte - 237,840 63 
And thbt which accrued firom the some sources during 
the year 1817 amounted to - - - 24,387,993 08 

Viz. 
Customs, raee statement A) - $17,647,540 89 

Internal duties and direct tax, (see 

statement B) - - 4,512,287 81 

Public lands, exclusive of Mississippi 

stock, (see statement C) - - 2,015,977 00 

Postage, and incidental receipts - 312,187 38 

It is ascertained that the gross amount of duties on merchandise and ton- 
nage, which have accrued during the first three quarters of the present 
year, exceeds $21,000,000 ; and that the sales of the public lands, during 
the same period, greatly exceed, both in quantity and value, those of the 
corresponding quarters of the last year. 

The payments into the Treasury, during the first three quarters of the 
year, are estimated to amount to ... ^17,167,862 26 

Viz. 
Customs - - - $13,401,409 65 

iitemal revenue, and direct tax - 993,574 36 
Public lands, exclusive of Mississippi 

stock .... 1,876,731 20 
Interest upon bank dividends - 626,000 00 

Postage, and incidental receipts • 49,438 19 
Repayments into the Treasury - 322,708 86 



tizedoy Google 



18ia] SECRETARY OP THE TREASURY. Ill 

And the payments into the Treasury during the fourth 
quarter of the year, from the same sonrces, ore estimated at $6,000,000 00 



Making the total amouiit estiniated to be received into 
the Treasury during the year 1818 - - - 22,167,862 26 

Which added to the balance in the Treasury on the let 
day of January last, exclusive of $a,809,872 10 in Trea- 
SDiy notes, amoauting to - - - • - 6,179,883 38 

H^kes the aggregate amount of - - - 28,347,745 64 

The application of this sum for the year 1818 is esti- 
mated as follows, viz: 

To the 30th of September, the payments (exclusive 
of $9,148,237 40 of Treasury notes, which have been 
dnwn from the Treasury and cancelled,) have amounted 

to $16,760,337 05 

Yiz. 

ttvil, diplomatic, and 
ntscellaneous expenses $3,289,806 28 

unitary service, includ- 
ine arrearage - - 5,620,363 08 

Kavat service, including 
the permanent appropria- 
tion uir thegraduoi increase 
of the naTy - - 2,383,000 00 

Public debt, exclusive 
rf$9,148,23r 40 of Trea- 
sury notes, which have 
been drawn out of the 
Treasury and cancelled - 5,467,267 69 

Daring the fourth quarter, it is estima- 
ted that me payments will amount to - 9,475,000 00 
¥iz. 

CiTil, diplomatic, and 
BBScellaneous expenses • $620,000 00 

Military service - 1,175,000 00 

Naval service - - 576,000 00 

Public debt, to Ist Jan- 
nary, 1819 - - 7,205,000 00 

Makit^ the aggregate amount of - - - 26,235,337 05 

And leaving, on the 1st day of January, 1819, a balance 
in the Treasury estimated at - - - - $2,118,408 89 

OF THE PUBLIC DEBT. 

The public debt which was contracted bsCne the ysar 1812, and winch 
was unredeemed on the 1st day of October, 1617, as adieus by sIseteAMBt 
No. 1, amounted to $31,835,788 29 

By the same statemeot, it spears that the iunded debt, 
camnteted subsequent to the 1st day of January, 1812, 
amounted to - - - - - - 68jOri^933 14 



Making, tt^elher, the aggr^ate amount of - - $99,907,721 



SI 43 

>Qrc 



112 



REPORTS OP THE 



Which sum iigrees with the statement of the unredeem- 
ed amount on the 1st day of October, 1817, as per last 
report, excepting the sum of $4,123 98 overestimated, 
and which has now been corrected by actual settlement. 

On the Ist day of January, there was added lo the above 

amount, for Treasury notes brought into the Treasury and 

cancelled, and for which the following stock was issued^ 

viz: In six per cent, stock - - $234,422 10 

In seven per cent, slock - 99,019 00 



From which deduct seven per cent, stock purchased in 
the fourth quarter of 1817 - - $332,984 60 

And also the reimbursement of old six per 
cent, and deferred stock, between Ist Octo- 
ber, 1817, and 1st January, 1818 - - 800,830 98 



$100,241,162 63 



Making the public debt which was unredeemed on the 
Ist of January, 1818, as per statement No. 2, amount to - 

From the 1st of January to 30th September, 1819, in- 
clusive, there was, by funding Treasury notes and tliree 
pel cent, stock, (20.08) issued, added to the pubUc debt, 
08 appears by statement No. 3, the amount of - 



From which deduct the amount of stock 
purchased and redeemed during that period, 
per statement No. 4 • - - $416,993 87 

And also the estimated 
amount of the final reim- 
bursement of the old six per 
cent, stock - - $709,312 03 

And the estimated reini- 
buraement of the deferred 
BIX per cent, slock - 230,401 76 



? Making on that day, as appears by statement No. 3, the 
a^regate amount of - 

Since the 30th September, therehas been 
redeemed, or provision made for the re- 
demption, of a moiety of the Louisiana 
stock, unpaid on the 1st October, 1818 - $4,977,950 00 

Andibere will be reimbursed of the prin- 
cipal of the deferred six per cent, stock, on 
the 1st day of January, 1819, by estimate 362,091 63 



There will remain unredeemed, by estiioale, on the Ist 
day of January, 1819, the stun of 



- $92,596,393 15 



I8\e.] SECR^TABY OF THE TJIEASURY. 113 

By Gtatement No. 5, 'tbs Treasury ooteB which are yet in ciiculatioa are 
esbtBaeed at $297,606. 

By statement No. 6, it appears that the whole of the awards 
made by the commissioners appointed under the several 
•eta for indenuiifyiag certain claimants of public lands, 
™»Mintto #4,282,161 12 

Of which sum there has been receired at the office of the 
Commiasioner of tlie General Land OSice, as appears by ' 
sbtemeat C, the sum of .... 1,036,664 00 

LeBving'ontstaiiding, at thedate of the several rettunsfrojn 
tbe land districts, the sum of - - - - 03,265,467 12 

It b proper, however, to observe, that extensive sales have been nude 
in the Alabama Territory, in the moatlis of September, October, and Novem- 
ber, o( which no returns have yet been receiv^. 

or TBB eeTlMATKS OF THE PUBLIC REVENUE AND EXPENDITURE FOA 
THp TBAE 1819. 

in Ibe annual report of the state of the Treasnry, of the dth of December, 
1817, the permanent revenue was estimated at 934,626,000 per annum, and 
(he auntial expenditure, according; to the then existing laws, was stated at 
121,946,351 74. By ^ acts of the last session of Congress, tbe internal 
Unties, estimated at $2,600,000 per annum, were repealed ; whilst the ex- 
penditure was augmented to nearly 926,000,000, and that of the ensuing 
jtu is estimated at not less than $34,616,219 76. 

The apparent deficit produced by these acte, and by the application of 
more than 82,600,000 to the payment of the interest and redemption of the 
[winapal of the public debt, beyond the annual appropriation of ®10,000,000 
for that object, has been supplied by the receipts into the Treasury, on ac- 
count of the wrearaee of the direct tax and internal duties, and by the bal- 
ance of more than $6,000,000 which was in the Treasury on the Ist day of 
January, 1818. 

These temporary sources of supi^y bein^ nearly exhausted, the expendi- 
ture of the year 1819 must principally depend upon the receipts into the 
Treasury from the permanent revenue during that year. As was anticipated 
in tbe last annual report, the reaction produced by the excessive importa- 
tions of foreiga merchandise, during the years 1816 and 1816, acquiiW its 
{lettest force in the year 1817. 

It is presumed that the revenue which shall accme dnring the present 
jwr, from imports and tonnage, may be considered as the average amount 
viiich will be annually received from that source of the revenue. 

It is ascertained thfl|t the bonds taken for securing duties 
which were outstanding on ihe SO^idayof Se^mber last, 
exceeded $23,060,006, and the receipts into the Treasury 
fivn that source of revenue, during the year 1819, are es- 
timated at ...... 921,000,000 00 

PuUic lands - • - - ' - - 1,600,000 00 

Direct tax, and internal duties - • • 760,000 00 

Bank diviekinds, at 6 per cent - - - - 420,000 00 

ToL. II.— 8 



tizedoyGOOgle 



114 REPORTS OP THE [1S18. 

First paynient of bomis dae by the Bank of the United 
States -...--- «500,OOO (K 
Postage, and incidental receipts - - - 50,000 0( 

Amounting together to . - - - $24,220,000 0( 

Which added to tlie balance in the Treasury on llie 1st 
day of January, 181tf, estimated at - ■ - 2,112,406 5'. 

Makes the agjr^fate amount of ■ - - $26,332,408 K 

The probable aufiorizeddemands on the Treasuryduring 
the year 1819, are estimated to amount to - - 24,615,219 7( 



Civil, diplomatic, and miscellaneous ex- 



$1,619,836 31 



Military department, including the In- 
dian department, permanent Indian an- 
nuities, military and revolutionary pen- 
sions, and arming the militia - - 8,666,252 85 

NavyDepartment,includiiig$l,000,000 
for the gradual increase of the navy • 3,802,486 60 

Public buildings, and for discharging the 
demands of the contractors for making 
the Cumberland road - - - 326,644 00 

PuWic debt ... - 10,000,000 00 

For building custom-houses tmd public 
varehouses at Nen- Orleans, and other 
porta 100,000 00 

Which bein^ deducted front the amount estimated to be 
received into the Treasury, including the balance on the 1st 

day of January, 1819, leaves a balance in the Treasury on 

the Ist day of January, 1S20, of - - - - $1,717,1 88 8: 

In presenting this estimate of receipts for the year 1819, it is necessary t* 
premise, that the sum to be received from the customs is less than what, fron 
the amount of the outstuiding bonds, would, under ordinary circu mstances, b 
received. The amount of the sales of public lands during the last year, aoi 
the sum due at this time by the purchasers, would justify a much higher ei 
timate of the receipts from that important branch of revenue, if the most ser; 
ous difficulty in making payments was not known to exist. The excessiv 
issues of the banks during the suspension of specie payments, and the greo 
exportation of the precious metals to the East Indies, during the presei 
year, have produced a prestiure upon them, which has rendered it necessar; 
to contract their discounts, for the purpoee of withdrawing from circulalioi 
a large proportion of their notes. This operation, so oppressive to their debi 
OTS, but indispensably necessary to the existence of specie payments, muf 
be continued until gold nnd silver shall form a just proportion of the circu 
lating currency. In passing through this ordeal, punctuality in the discharg 
of debts, both to individuals and to the Government, will be considerably in 
paired ; and well-founded apprehensions are entertained that, until it i 
passed, payments in some of trie land districts will be greatly diminished. 

The extent to which the payments into the Treasury, during the yea 
1819, will be affected by the general pressure upon the community, whic 



Go.K^lc 



1818.] SECRETARY OF THE TREASURY. 115 

has been described, and which is the iaeTitubte coDsequence of the over- 
tndiog of the banks, and the exportation of ^cie to the East Indies, a^jTi- 
TBted by the temporary &ilure of the ordinary sapply of the precious metals 
from the Spanish American mines, cannot, at this time, be correctly appre- 
ciated. Should it exceed what has been contemplated in this report, the 
^ipropriations must be diminished, the revenue enlarged by new imiKisitioDS, 
or temporary loans authorized, to meet the deficiency. As the expenditure 
of the year 1820 will be greatly reduced by the irredeemable quality of the 
pablic debt, after the redemption of the remaining moiety of the Louisiana 
itock, which may be efiected on the 2lBt day of October, 1819, a resort to 
temporary Joans, or to the issue of Treasury notes, to the amount of the 
deficiency, should any occur, is believed to be preferable to the imposition 
of new lazes, which would not be required after that year. 
All which is respectfully submitted. 

WM. H. CRAWFORD. 
Tkeasurt Department, 

Nmemba- 21, 1818. 



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SECRETAEY OP THE TREASURY. 



STA TEMENT of money* received into the TVeasttry, /rem internal 
duties and other objects, during the year IB17. 



Fr» M* iulenwl datja ^ .... 
If ew direct tax ..... 
CHd iDtenial revenue . . . . 
(Md direct tai 


82,676,883 T7 

1,833.737 04 

1,318 00 

4SO00 


84,613,867 81 


Poatee of letters '.--.- 
PettgalMlerspawnt 

Jfta oKcBcda ot gonbosia, &e., sold per net 27ch Fdi- 
niU7,iei5 

Cob and half cents coined at the mini of the CTnited 

awa 

Ban of the salt spring in the SteubenviUe district 
FuMs, penalties, and forfeitures 

dwettaieaof 1815 - - . '^'- 

tt the United Suites . . . . - 

linn's Island - ."^ . . . . 
kieicst on stock in Ihe Bank of ihe United States - 


39,371 91 
4,680 00 

53,608 96 

2,134 69 

18,834 00 
76 80 
63S 

417 17 

1,500 53 

88 48 
902,436 30 










4,ffi4,4TC 19 



TaE^arRT Defartmekt, 

Rcgitlet'a Cffice, l*mmber 21, 1818. 

30SEPH NOUBSE, Rtgiller. 



t,i.a,Google 



REPORTS OP THE 
C. 



[1819. 



LANDS sold, and monevs and stock received in pat/ment /or theta, i 
1817 and 1S18. 



Prom Jan. I lo Dec. 31. 1817. 


Quantity. 


Ammut. 


Cash and Slock 
received. . 


Of which 
stock re- 
ceired. 


Where sold. 


Acrei. 


DoOi. CU. 


DeUs. Cb. 


Drib. Oj. 


In offices N. W. of the Ohio riwr 
Do. in Mississippi - 
Do. in Alabama - 


1,413,631 
,„,( 394,767 


3,097,253 00 
825,403 00 
811,764 00 


1,749,146 00 
344,590 00 

235,279 00 


133.753 00 

179,285 00 




2,019,863 


4,731,420 00 


3,339,015 » 


313,008 00 


From Jan. 1 to Bept. 30, 181R 


1,S13,034 
. ,(365,eS8 


3,506,194 00 

531,805 00 

3,183,947 00 


1,471,790 00 
252,181 00 

827,807 00 




In offices N. W. of the Ohio rifer 
Do. in Mississippi - 
Do. in Alabama - 


136,398 00 
466,540 00 




1,907,883 


6,SaO,946 00 


2,551,77800 


6»3,e38 00 



Accounts of sales in August and Sqjtember have not been received fhiin St. I/>ais. 

Accounts of saies in September, 1818, have not been received from Canton, Sliawiiectoira, 
and Ed wards ville, 

Acconnts in July, Augost, and September, 1818, have not been received flrom Honlsville, in 
Alabama. 

Obneral Land Office, 

November 16, 1818. 

JOSIAH HEIGS, Commiaaioner. 

Total amooni of stock received, as per annual statement, dated September 30, 

1S17 »*3I,ia0 00 

Dednct amonnt received in £rst three qnarteis of 1817, viz: 

East of Pearl river S83,73& 00 

Westof do. 61,834 00 

Huntsrille TOO 00 

Maiedgeville 164,003 00 

310,312 Ot 

190,806 01 

Slock received in 1817 313,038 01 

Do. 1818 (three quarters) 693,838 01 

Total Slock received to September 30, 1818 1,096,684 

(a) By the act of the 3d of March, 1617, direclinBasninof mtnev tobepaidto the St&ie t 
Qeorgia, eqnal to Uie amount of Mississippi stock received into the Treasury prior lo th« fin* 
payment dae thai State, the amooni so paid is to be retained by liieTieasniy out of the speci 
receipts f^m the Mississippi and Alabama lands, before ihe holders of that slock have an 
claim upon those receipts. 



tizedoy Google 



1S18.1 SECRETARY OP THE TREASURY. H9 

No. 1. 

STATEMENT of the funded debt of the l^iUed Slates, m the lat 
Ociober, 1817. 



0:d SI vr cent slock, (oiuedeemed amoont) 
IV^rru acck, (onredeemed uDonnt) 
Thiwpeiuiil. stock ... 

Uituu SIX per cent, slock 

fijjHcoiLaockori'rae - 

Wnticd iii per ceot. slock of 1812 

tupti not. stocic of 1813, JI ,000,000 Imu 

SiipsnnLaockoriSia, 16,000,000 loan 

^ per on. nock of 1813, 7,500,000 loan 

Sii per col. nock of lRt4, 25 & 3,000,000 loan 

3ii futa. 3U>ck of 1815, 05 & 3,000,000 loan 

Euperrai. Treasurj noi£ stock - 

Efrn puwBL Treasury note stock 

I^;a {OIL stock, (subscription lo Bonk United States) 



SI, 262,313 96 
4,067,678 09 
13,465,068 05 
10,891,700 00 

90,000 00 
2,669,108 99 



6,206,503 13 
15,533,272 81 
6,836,232 39 
13,011,455 19 
9,505,635 41 
1,033,%1 13 
8,955,884 09 
7,000,000 00 



TuASCRT Department, 

Regitler's OMce, IStk November, 1818. 

JOSEPH NODBSE, RegUler. 



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REPORTS OP THE 
No. 2. 



[1818. 



STA TEMENT of the funded debt o/" the United States, on the 1st 
January, 1818. 



OW sii per cent, stock, (imredeemeJ amomil) - 
Deferred six per cent, slocit, (oiuedcemed amoDDt) 
Three per cenl. slock . . . - 

Louisi&nB six per cent, slock ... 



[ per cem. stock of 1613 



icDuigedi 

Sii per cent, si 
Six per rent, si 
Six per cent, n 

Six per cenL si 
Six per cent. 1 
SereD per ceoi 
Fire per cent i 



•iUnredeemedatiitoiint,lstJaiiaar]r,ien^I15,e07,B05 4 
Add Treasury note stock, issued in 1817, viz: 
Or6perceDt. (amonnta) 1,332,807 63 
Of 7 per cent, (aniaunl b) 197,949 00 

1,430,756 fi 



>f list year, inciading tJ 



Dedaci Mock pimhued in 1BI7, ainonnl as 

. ^^ accompanying report 

t three per cent. 
-815,548,799 90 
Seven percent. Mock, par- 
chased in the 4th giianer 
oflBirasperstatemenlB 338,99* 60 

• I5,fl81,784 60 

Reimbursement of old six per cent, and 

deferred Socks in 1817 - - -1,699,430 66 

Temporary loans paid olT - - 550,000 00 



3,669, 



,700 00 
.000 00 

toe 99 



6,206,6( 
I5,&33,3 

6,836,2 
13,011,41 

9,305,6! 

1,868,31 



iS99,107,U6 9& 



117,938,563 11 



tizedoy Google 



L818.J 



SECRETARY OF THE TREASURY. 

No. 2— ConUnued. 



STA TBMENT exhibUing the total ammmt of the six and seven per 
cetu. IVeasury note stock issued to the Zlst December, 1817. 



Ai what office issued. 



Six per cent. Sevea per < 



TreasaTf ....... 

Hew Bampsbue ...... 

Uassachusetis -'---■• 
ihode laland ------- 

Sew York --..... 

Delaware -....,. 

(daiyltuid .,...., 

Sorth Carolina -.-.... 

^outh Carolina ..--... 

[>edact so mncb thereof, inclnded in the statement of tbe 
Auded debt to Isl Januat;, 1817 - . . - 



801,314 77 

61,534 98 

437,718 00 

7,924 00 



#901,067 00 
131 , 150 00 
3,037,697 00 
103,405 00 
79,499 00 
4,783,559 00 
699,647 00 

14,761 00 
1,866 0» - 
1,180 00 
8,008 00 
3,880 00 



1,893,641 «6 
60,881103 



9,064,«)9 00 
8,856,960 OO 



Treasury Department, - 

Registet's Ofice, November 18, 1818. 

JOSEPH NOURSE, Register. 



tizedoy Google 



123 REPORTS OF THE [1818 

No. 3. 

8TA TEMENT of the funded debt of the Vmted Staiea on the \*t aj 
October, 18ia 



Deferred six per ceni. slock, (unredeemed amoiuit) • 
Three per cent, slock •.-•-■ 
Louisiana stock 

Six per ceni. slock of l'i96 . . . . - 

Eicbuged six per cent, stock of 1S)3 

Six per cent, stock of 1B12, loan of eleven millions - 
Sii per cent, jtock of 1813, loan of siiteen millions - 
Six per cent, slock of 1813, loin of seven and a half millions 
Sixper eeuL stock of 1814, loan of twenty-fire & three mil'as 

Six per cent, slock of 1815 

Treasury note stock of six per cent, fimded - 
TrcasDiy note stock of seven per cent, fnnded 
Five per cenL siock .,...- 

Amount, 30ih September, 1618 .... 

Amount, as slated, Ist Janaanr, 1818 - ■ ■ - 

Add stock issued u 1818, to ihe date of last retaiiu— 

Treasuiy note six per cenU - • 968,"^ 41 

TreasQry uoie seven per ceot. - - 5,04fi 00 

Three per cem. foi iuieresl on old resis- 
tereddebt .... 9008 

Dedacksiock purchased — 

Old six per cent, (unredeemed amomu) • 3,073 CT 

Deferred, (unredeemed amonnt) - - 67,463 34 

Three per cent. .... 10,533 66 

Louisiana 335,800 00 

Treasory note six per cent. • - 107 65 

Six per cent, of 1814 • 17 66 

Stock reimbursed— 

Old six per cent. . . - . 709,319 (Q 

Deferred six per emit. - . 830,401 76 



83.519,810 Sft 

13,454,575 66 

9,955,900 00 

80,000 00 

3,669,106 99 



99,107,346 95 



415,993 87 
939,713 79 



As above, to 30th September, 1818 

Slock reimbursable in the 4th quarter, ISIB— 

On (he 31sl December, deferred six per cenl. 

On the 33d October, Lonisiaua - 



Estimated amount aoredeemed, 1st Jannaiy, 1 



oyGOOJ^If 



1818.] 



SECRETARY OP THE TEEASDRY. 
No. 3 — Continued. 



COMPARATIVE STATEMENT of the funded dtll of Ihe VniUd 
Slates, between the let of October, 1817, ond ihe 1st of October, ISL8. 



Amount of the funded debt as stated on the 1st Ocwber, 1817, 












of the Secretary of the Treasury to Ibe Hoou; of Repre- 






sentatives, dated the 5th December, 1817 - 


899,911,845 41 










ferred stocks to lit October, 1817, more than the amowri 










estimated 94,115 OB 






And tliis sum, short stated m account of stocli 






purchased 8 90 








4,133 93 




Amount of the fmided debt on the 1st October, 1817, as per 










899,907,721 43 


To which add Treaniry note nock issued in the fourth qtiar- 






ter of 1817, 6 percent. 


034,423 Iffi 




7percenu 


99,019 00 


333,441 10 








100,341,162 53 








1817 


333,984 60 




And old six per cent, and deferred stocks nimbDTsed 


800,830 98 


1,133,815 58 






Amonnt of the ftndoddebt on the lat Jannary, 1818, as per 




staiement herewith • - - . \ ^ . 




99,107,346 95 


To which add stock issned in the fifst three qnarteis of 1818: 






Treasury note 6 pet cent. . - . . 


68,729 41 




7percenl. • - 


5,046 00 




SpercenL ... - 


SO 08 


,™ .. 










99,181,143 44 




4IS.993 87 




Reimbnr»emenlof old six percent and deferred stocks esli- 






matedat - - *^ 


939.713 79 


1,356,707 66 




- 


Amount of the debt on the Isl October, 181S, estimated at • 


97,825,434 78 



Tbeasuby Departuent, 

Register'9 Office, November 18, 1818. 

JOSEPH NOURSK, Re/^i3ter. 



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REPORTS OF THE 



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X818.J 



SECRETARY OF THE TREASURY. 

No. 6. 



STA TEMENT of the several denominatima of Treasury notes issued, 
ahmoing the amount outstanding, by estimate, on the 3Qth September, 
1818, viz : 



TraMnry notes vere issned under several acts of Coogiess : 

OflieSOlh Jane, 1813 

OfibeaSth February, 1813 

Ofthe 4th March, 1814 

Of ihe 36(h Deeembsr, 1814 

Ofthe24iI>FebrDai7, 18IS,ofS100noles - - ■ •$4,969,400 

SmaU Trearary notai 3,39^994 

ToUl amount issued 

or the above amount there have been cancelled al the Treasniy 

Drairn into the Treasaij bj warrants, and ia a course of settlement for 
the purpose o( being cancelled, viz : 

In srmU Treasury noies 83,345,933 

In noles including interest - - - (5,817,890 61 

Deduct the estimated amount of interest - 377,890 Gl 

5,440.000 

Small Treasury notes in the several banks, viz; 

Hew Hampshire . . - . 9 

Branch Bank at Washington - • - 1,116 

1,135 

In the An diior's office, in acoorseofcancelmem for six per cent, stock, issn- 
ed at the Treasury 814,196 08 

Mew Hampshire 1,914 97 

Ma;»achusetts 81,S48 40 

Rhode Island 2,446 06 

New Vork 19,3« 31 

Maryland 49,881 S6 

Maryland 460 00 

Tiiwnia 140 00 

SonUt Carolina ...... 13,^19 64 

aeoigia - 103,955 60 

980,788 28 
In the Branch Bank, WasbingttHi - - . 31 95 

380,810 23 
FrciQ which deduct the eslimaled amount of interest included in 
ibeahovesnm ....... S0,810 23 

Balance outstaadiug, by esttmaie, viz: 

In small Treasury notes ..... 45,^6 00 

Other notes ...->. -K1,S60 00 



$5,000,000 00 
5,000,000 00 
10,000,000 00 
8,318,400 00 



TuEASURT Department, 

Register's Opx, Novemher 18, 1818. 

JOSEPH NOUKSB, Register. 

* Atceitainvl anmnt&iHB TreM|iry feU)emtiu. 



tizedoy Google 



REPORTS OF THK 



[1818. 



STATEMENT of the claims awarded by the commissioners appointed 
by virtue of the act of Congress, entUled « An act supplementary to the 
act mtilled an act for the iiulemnification of certain claimants of 
public lands in the Mississippi Territory," passed the 3d of March, 
1815. _^^__ 



Awards in favor of 



Individuals claiming under the Upper Miss. Company - 
Tennessee Company 
Geoi^aMiss.Com[Kiny ■ 
Georgia Company 
Citizens' rights - 



Names of ClaimBnis. 

Ebenezer Jackson, as trustee of~ 

Matthiaa Maher 

James Strawbridge - 

Robert Stewart 

William Coleman - 

Do. by D. Boardman 

Jonathan Ogden 

Thomas Young 

Levi Hollingsworth - 

Simon Jackson 

C. G. Champlin &, C. Champlin 

Tunno &, Coffin 

Jeremiah Mason 

David Rawn 

WiUiam Payne 

George Blake 

Jonathan Hastings - 

Robert Means 

James Gardner 

John Jackson 

Samuel Dexter 
Ebenezer Jackson, in his own right 
William Lovett &. James G. Forbes - 
Charles Wayland - - - - 

James Sterling - - - - 

John Whipple - - ■ ,,„.". _' 

Thomas Gumming, for the heirs of WiUiam Poe 
Benjamin Joy, for die heirs of Jonathan Arnold 
James ThwBite . . - - 

Arthur Harper : E. Jackson, attorney - 
Charles Matthews : WiUiam W. Bibb, attorney 



• Indnding seas issMd to the represenUtivM of awrg« PwrsM : per ■« of Ap^^ 



1818.] SECRETARY OP THE TREASURY. 

STATEMENT— Continued. 

Awaids in favor of 



Robert Flouraey . . , - . 

Arthur Port ------ 

Charles C. Brodhead & Charles L. Piatt 
Beujamia Joy and Samuel Dexter, agents for and in be- 
half of the directors of the New England Mississippi 
Land Company , - . . . 

AdatuTunnoand James Millet: Benjamin Joy, agent - 
Talentine Jones: Robert E. Griffith, attorney - 
Hugh Rose : Benjamin Joy, attorney - - - 

Sophia Harris: John G. Chappie, attorney 
James Lloyd - - - ' - 

Rufua G. Amory , . . , , 

Joseph and Henry Sewall, executors of Samuel Sewall 
John Coles .-.,-- 
Rufus G. Amory - . - . . 

Joseph Sewall ------ 

Joseph Wilson ------ 

William Sullivan - - - . - 

John Tucker - - - . . . 

Charles Cu^ng - . . . - 

Charles Cushing's heirs - . . , 

William Stackpole - . . . , 

The President and Directors of the Union Bank of Boston 
John C. Jones ------ 

Sarah Russel, executrix of Joseph Russel's estate 
Rufus G. Amory, administrator of Patrick Jeffery 
Andrew Craigie - . . . _ 

Do. 

Joseph Otis ..--,. 
The heirs of Margaret Newman 

Do. do. - 
Henry Newman - . - - . 
Walter Sims - 

Do. ----- 

Alexander McComb - - . - . 

Hezekiah B. Pierpont, executor of William Constable - 
GolieiD Ludlow ------ 

Charles McEvers . - - . . 

George Bamwall - . - . . 

Saanuel Ward .---.- 

Do. 

Stephen Ailing ------ 

Samuel HunUngdon - . - . . 

John Adam ...... 

Elias Shipman ------ 

Daniel Coit .---."- 



Hoy Google 



REPORTS OF THE 

STATEMENT— Continued. 



[1818. 



Awards in f^vor o( 



Georj,^ Brinkerhoof, David J. Green, and David Stout, 
jr., assignees of Joseph Howland ... 

John Coffin Jones, James Lloyd, and Thomas Dickason, 
trustees of the Boston location 

John T. Apthorp - - . , . 

James Perkins ------ 

■William Payne ..... 

Gardner Green ..... 

James and Thomas H. Perkins - 

John Derby -.-... 

William Sullivan - - . ■ 

William Payne ...... 

William Scollay'shelTB - - - . - 

Benjamin Joy ---.-. 

James Sullivan's heirs ..... 

WilUam Sullivan 

James and Thomas H. Perkins - - - - 

S. and W. H. Vernon ----- 

Thomas and S. Douglass - . . . 

The heirs of Jonathan and W. Arnold - 

Hugh Rose ...... 

Thomas Tunno ..... 

Samuel Dexter -.-•-- 
Do. - - - - 

Mary Oilman .----- 
Do. 

Ruggles Whiting - . - 

Artemas Ward ----.. 

Henry Sands .---.- 

Robert Morris, jr., and John Mowall, jr., assignees of 
C. Sands - - - ' - 

Thomas Mullet - 

John Jackson ------ 

Robert Sands .-...- 

Daniel Boardman . . . - . 

in - - - - - 

assignee of Henry Hunt 
t, executor of Thomas Hunt 

I? 

1 and B^jamin Hoppin 

lilton Stewart . . - - 



tizedoy Google 



X818.] 



SECRETARY OP THE TREASURY. 

STATEMENT— Continued. 



Awards in fkvoc ol 



by Sam'l P. Conover, alt^ - 



Thomas Tunno .... 

Agnes Smith and Hujrh Smith - 
"WUliam Wallace 

Frederick Farmer - - - . 

Sasaii Hamell ..... 
Bedford Brown - - - . 

Daniel W. Cox .... 

Thomas Young, for himself and Alexander Kettell 
James Lyie - . . . . 

Valentine Jones .... 

William Wlkoff 
Elizabeth Sergeant 
Philip P. P. Middleton 
Robert Imlev 
Samuel F. Conover 

■James Johnston - . . . . 

Ezekiel Williams, jr. - 

Thomas Mitchell . - i . . 

Jacob Uouning - . . . . 

John Loamy and D. W. Coxe, assignees of Nalbro Frazier 
Elizabeth Clayton . . , . . 

John WhipplB . . . . . . 

WiJIiam Wallace 

Nathaniel Pendleton - - ■ - 

Joseph Darling - . . . . 

William and Sarah Leffingwell 
John Russ . . . . * . 

Abraham Bishop ..... 

Elizabeth Woosler ..... 
Russle Goodrich, executor of Catharine MiMer - 
Joseph Beavan,adm'r of Jno.C.Nightingate,in Georgia - 
John Whipple, adm'r of Jno. C. lifigbtingale in Con. - 
John Morgan .... • - 

Russle GMdrich, execntor of Catharine Miller - 
Joseph Bevan,adm'rof Jno. 0. nightingale, in Georgia - 
Jehn Whipple, adm'r of Jno. C. ifightingale, in Con. - 
Hamilton Stewart ; D. Boardman, attorney 
C(»afort Sands, administrator of Lewis Sands - 
Robert Floumey : B. Hall, attorney - . , 

Elouer Early, m his own right ... 

Do.- trusteeof J. B.Barnes - 

Do. for administrators of TliomaS Gl&scock - 

atf y cff the representatives of A Gordon - 
raiu" - - . . " . 



Do. 

Benjamin SI 
Judah Hays 
Hein vf Moses M; Rays 
II.—* 



Amooiu of eacb 
.ward. 


41,379 3U 


635 00 


9,999 99 


8,571 42 


1,428 66 


2,857 11 


1,428 67 


62,768 84 


12,810 00 


67,228 07 


2,068 84 


2,058 84 


4,117 68 


2,068 84 


2,058 84 


1,428 57 


367 14 


1,428 57 


4,631 25 


2,027 60 


626 OO 


3,641 871 


3,339 81 



• . 



, i.c„Google 



REPORTS OP THE 

STATEMENT— Conlinued. 



[1818. 



Awards in favor of 



John Mallowney - . - . . 

Ann Kittera --,--. 

Elisha Gordon ------ 

Samuel Richards 

Thomas Gumming, guardian of the heirs of William Poe 

Rebecca Learning and others, heirs and devitsees of 
Thomas Learning - . - . - 

John Tayloc ..---. 

William Payne ------ 

Silas Betion and Amos Kent, executon: of John Prentis - 

Ebenezor Jackson, trustee for and in behalf of the persons 
! Irtists in the report of June 28, 
les in the Tennessee Company - 
i own behalf 

aes G. Forbes - 

heirs of William Poe - 
of J. Arnold - 

James Thwaite --.--. 

Charles Matthews - - . . . 

Frederick Farmer - - - - 

Bedford Brown --...- 

John Taylor ------ 

Daniel W. Coxe - - - . - 

William WaUace 

James Johnston - . . , . 

Ezekiel Wilhams, jr. - - 

Thomas Mitchell - ■ - - . 

Rebecca Learning and others, heho and devisees of 
Thomas Leaming - - *. 

Robert Flourney - - - . . 

Arthur Fort ---... 

Charles C. Broadhead and Charles L. PIoU 

Walter Sims -.--.. 

James Smedley, administrator de bonis non of Oliver 
Philips 

Alexander C. Glass, and William Mclnlire, assignees of 
Thomas and H. Ely - - - . - 

Benjamin Joy and Samuel Dexter, agents of and in behalf 
of the Directors of the New England Mississippi Xioixd 
Company ---.-. 

William A' Tenneille - - - - - 

Janet McLaws and William Urquhait, executors of An- 
drew Iimis .-.-•- 



16,931 81 

Google 



1818.] 



SECRETARY OP THE TREASURY. 
STATEMENT— CoBtinaed. 



Awards in favor ot 



Samuel Pitkin ------ 

Charles Matthews, administrator of John Matthews 
Stephen Lawrence, administrator of Samuel Lawrence - 
Peter Early and Joel Early 

Thomas Camming, giiardian of William Poe's heirs 
Charles L. Matthews - - - - - 

Samuel Bull ..-.-- 
Joseph W. AJsop - - - - - 

Josiah Williams - - - - - 

Ebenezer Sage - - - - 

Lemuel Storrs ------ 

Arthur W. Mapll - - - - - 

John J. Chappell 

Jacob Sebor -.---- 

Jacob Michael ------ 

The heirs of William Williamwn 
Eleazer Early, in his own right - . . 

Do. trustee of J. Barnes 

Do. administrator of Thomas Qlascock 
Do. att'y for ihe representatives of A. Gordon 

Benjamin Sherwood - - . . - 

Benjamin Joy and Samuel Dexter, for and in behalf of 
the directors oi the New England Mississippi Land 
Company ------ 

Eleazer Kirlr ------ 

Walter SiiBfl ..--.. 
Robert and Hamilton Stewart • - ~ - 

WiUiani Lovett and James G. Forbes - . - 

James J. Roosevelt ----:. 

James Berrill ------ 

Isaac Marquanell - . . - - 

Samuel Whittemote - - - - 

Hester Smith - - - - 

William Caimes . . . - . 

Augur Tomlinson - . - - - 

Jonathan 0. Walker - - - - - 

Benjamin Joy and Samuel Dexter, for and in behalf of 

the directors of the New England Mississippi Land 

Company ..-..- 

Eleazer Eaily ------ 

Benjamin Joy ------ 

Daniel Boardman . - . - - 

Arthur Harper ------ 

The heirs of William Colhonn - - - - 

Nathaniel Twining 

Henry Seymour and TbMoas Seymour, guardians of Ae 
hejrsof J. Chenward, jr. . . - . 



91,071 43 

13,562 00 
4,312 00 

18,516 96 
1,848 00 
6,160 00 

13,320 00 
924 00 
616 00 
1,848 00 
1,232 00 
6,160 00 
3,080 00 
4,938 00 
6,160 00 

55,440 00 

3,829 16 

232 00 

2,668 00 

2,320 00 

696 00 



35,170 43 

2.857 14 

3;338 06 

18,480 00 

14,784 00 

4,928 00 

4,928 00 

3,696 00 

3,696 00 

3,080 00 

616 00 

616 00 

616 00 



22,767 41 
17 67 
67,190 00 
985 60 
11,271 86 
5,561 061 
2,827 8lJ 

:.y Google 



RliPORTS OF THE 

STATEMENT— Cfaxtinaed. 



[181 S 



Awards in bvor of 



Robert Randolph - . . - - 

The heirs and devisees of William Williomson - 
Joha N. Cummina, Ricbwd Stockton, and Azariah HmH, 
" executots of John Rhea . . . - 

Jajne3 Goodwin, adminbtralor of Jane Goodwin, and 

guardian of E. H. and J. H. Goodwin 
Thomas Cumminjt , - . . - 

Jamea J. Bull ------ 

Garrett Wikoff, Samuel Wikoff, and Joseph Holmes, ex- 
ecutors of Joseiii Holmes, deceased - 
■William Whann - - . . . 

otor of Joel Early 
Iministrator of Ijeonatd Jiuris 



JoQ^tban Smith, guardian to the heirs of Jared ^sea 
JameaThweatt . - . - 

Thomas Cumming . - . - 

Robert R&ndolph . - . - 

Nicholas Long . - - - - 



C. Dorsey, Henry Gaither, of 
er, guardian of Henry Gailher, 
min Gaither, guardian of Wil- 
risees of Colonel Gidther 
fj. Bnlgiii - 
!. W . Coxe, assignees of N«lbro 



hfourth of 812,211 50, decreed 
eorgia Missifis^ Ooaqmy - 



tizedoy Google 



16IS.J 



SECRETARY OF THE TREASORy. 
STATEMENT— Oontiniied. 



Awards in favor Of 


Ajnoaniofeach 
award. 


Thomas Gumming, for his one-fourth of 012,211 60, de- 
creed to the gruitees of Georgia Mississippi Company 

The h«rs and rejwesentatipes of Ambrose "Gordon, his 
one-fourth of ©12,211 50, decreed to the grantees of 
Georg;ia Mississippi Company 

The heirs and representatives of Thomas Glascock, his 
one-fourth of $12,211 60, decreed to the grantees of 
Georgia MissiMippi Ootaptny 

Daniel WadswoMh 

llwmas Camming - . - - . 

Bobert Randolph . - . . . 

Cochran McClure . - . . . 

fiichaKt Napier. - ■ - 

William A. Fenneille ----- 

Sunuel Pitkin --..-. 

Gochrao McClure . . . . . 

RichaTd Napier 

Daniei Wadsworth, surviTing partner of Sandford and 
Wadsworth ----.- 

Russell Goodrick, executor of Catharine Miller - 

John Miller, administrator of Jno. C. Nightingale 

-\masa Jackson . . . - , 

Jonathan Coit, executor of James Bulgin 

Thomas Coit ------ 

The representatives of Geo. Pearson : per act of Apr. 1818 


$3,052 871 

3,062 87i 

3,062 874 
1,281 23 

8 78i 

8 78} 
17 57 

8 78i 
17 57^ 

6 694 
2,857 14 
1,428 67 

1,678 28 

211 68A 

211 68| 

24,831 90 

2,617 684 

6,719 02 

625 00 




$4,282;161 121 


Amount of certificates issued - .?4,273,113 7^ 
Do. do. to be issued - 9,U37 33 

$4,282,151 12i 





Tbeasukt Dbpartment, 

Jtegistar'a OficB, November 18, 1818. 

JOSEPH NOURSE, Btgister. 



tizedoy Google 



REPORTS OP THE [1S18. 



Tkeasdry Depaetment, 

December 19, 1818. 
Sib : I have the hooor to submit the eaclosed statements of the sales of 
public lamia during the year 1817, and the fiist three quaileis of the year 
1818, which vere inlenited to have accompuiied the annual report of the 
Treasury, but which were not then prepared. 
I have the honor to be, 

With great respect. Sir, 

Your obedient servant, 

WILLIAM H. CRAWFORD. 
The Hon. the President of the Senate. 



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1818.] 



SECKKTARY OP THE TREASURY. 



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S18.1 SECBETARY OF THE TREASURY. 



No. 4. 
TOTAL SALES of land in Mississippi and Alabama, viz: 

Prom the openiixg of the offices, to the 1st 
October, 1817, as per account laid before Acres. Dollars. 

Congress ia December, 1817 - - 1,690.932.96 3,981,269 26 

Prom Ist October, 1817, to SIst December, 
1817 - .... 127,329.54 253,633 11 

Frran 1st January, 1818, to 30th Septem- 
ber, 1S18 .... 695,848.54 3,715,752 94 



Total from opening offices to Sept 30, 1818, 2.514,111.04 7,950,660 31 



TOTAL BTOCK RECEIVED, VIZ : 



I'p to 1st October, 1817 - 

Proo Isi October, 1817, to 31st December, 1817 

Prom Ist January, 1818, to 30th September, 1818 



Geseral Land Office, Dece^nber 16, 1818. 

JOSIAH MEIGS, Commissioner. 

.VoiE.— No reium has been received from Hanisville for ihe third quarter of the praseni 



tizedoy Google 



k 



REPORTS OP THE 



REPORT ON THE FINANCES. 

DECEMBER, 1819. 



In obedieDce to the directions of the " Act supplementary to the act to 
establish the Treasury Department," the Secretary of the Treasnry respect- 
fully submits the following report : 

t. OP THE BETBKUE. 

The nett revenue arising from duties upon imports and tonnage, inter- 
nal duties, direct lax, public lands, postage, and other incidental recei[^ 
during the year 1815, amounted to - - - $49,5S5,643 76 

Viz. 
Customs (see statement A) - - $36,306,023 51 

Internal duties - - 6,9i>3,225 88 

Direct (ax - - - 5,723,152 25 

Public lands - - - - 1,287,959 28 

Postage, and other incidental receipts - 275,282 84 



Tfiat which accrued from the same sources, in the year 

1816, amounted to - - - - 

Viz. 
Cusloms {see statement A) - ■ $27,484,100 36 

Internal duties - - • 4,396,133 25 

Direct tax - - - - 2,785,343 20 

Public lands - - - - 1,754,487 38 

Postage, and other incidental receipts - 237,840 53 

That which accrued from the same sources during 

1817, amounted to - - - 

Viz. 
Customs (see statement A) - - $17,624,775 15 

Internal duties - - - 2,676,882 77 

Direct tax .... 1,833,73704 
Public lands (exclusire of Mississippi 

stock) , . . . 2,015,977 00 

Postage, and other incidental receipts 313,865 36 



And that which accrued from the same sources, during 
ihe year 1818, amounted to - - 

Viz. 

Customs (see statement A) - - $21,828,451 48 

Arrears of internal duties (see state- 
ment B) - • • - 947,946 33 

Arrears of direct tax (see statement B) 263,926 01 

PubUc lands, exclusive of Mississippi 
stock (see statement C) - - 2,464,627 90 

Postage, dividends on bank stock, and 
other incidental receipts (see state- 
ment B) - - - - 590,348 93 



.„Gooj^lf 



Jei9.] SECEETARY OP THE TREASURY. 145 

II is ascertained that the cross amount of duties on merchandise and 
toiuia^ vhich have accrued during tb« first three quarters of the present 
year, exceeds $18,000,000. 

And the sales of the pubhc lands, during the same period, hare exceeded 
18,700,000. 

The payments into the Treasury, during the first three 
quarters of the year, are estimated to amount (exclusive 
of $169,694 07 in Treasury notes,) to $19,660,607 17 
Yiz. 

Costoms - - 916,604,081 68 

PobJic lands, (exclu- 
nre of Mississippi stock) 2,868,566 61 

Aneus of internal du- 
ii«i - - - 195,531 02 

Arrears of direct tax 72,880 24 

Fiist instalment pay- 
ib(e by United Slates 
bok - - 600,000 00 

Pourthdividend on the 
Dniled States shares in 
the United States Bank 176,000 00 - 

Incidental receipts - 29,095 92 



And the payments into the Treasury 
dnting the fourth quarter of the year, 
btm tbe same sources, are estimated at 6,000,000 00 

Ifakiog the total amount estimated to 
iw leceiTOd into the Treasury, during the 
yea 1819, {exclusive of 9169,694 07 in 
TteasniT notes) - - - $24,381,013 10 

Which, added to the balance in the Trea- 
mrj on the iBt day of January last, 
exclnsive of $32,155 61, in Treasury 
ooM) amounted to - - - - - 1,446,371 23 

Makes tbea^r^te amount of - - - 4^,827,384 33 

The (plication of tbia sum for the year 1819, is es- 
tnaled as follows, viz : 

To the 30th September, the payments 
exdusiTe of $81,161 79 in Treasury 
iKMes, which have been drawn firom the 
TVeasary, and cancelled,) have amoanled 

to $18,192387 43 

Yiz. 
Civil, diplomatic, and 
■incellaneoua expenses, $2,644,612 98 

Military service, (in- - ■'■ 

dddinji: arrearage) - 7,665,961 72 

FCaval service, mclad- 
Of tbe pmnaneat appro- 
pcution lor the gradual 

novMe of tbe navy - 3,627,640 42 v» ' ' 

Toi. II. — 10 



„Gooj^lc 



14ft 

Public debt, (exclusive 
of $81,161 79 in Treasu- 
ry notes, above mention- 
ed) '- 

Duringthe fourth quar- 
ter it is estiomted that the 
payments (exclusive <rf 
$120,587 79 in Treasu- 
ry notes, which will be 
drawn from the Treasu- 
ry and cancelled,) will 
amount to - 
Tiz: 

Civil, diplomatic, and 
miscellaneous expenses 

Military service 

Naval service ' 

Public debt, to the 1st 
of January, 1820, (exclu- 
sive of $120,587 79 in 
Treasury notes, above 
mentioned) 

Making the a^^;regate 
amount (exclusive of 
$201,749 68 in Treasury 
notes, drawn from the 
Treasury and cancelled) 
of - - - 



REPORTS OF THE 



[1819. 



$4,451,172 31 



$7,300,000 00 



500,000 00 

1,530,000 00 

300,000 00 



$25,492,387 43 



And leaving, on the 1st 
of January, 1620, a bal- 
ance in the Treasury, es- 
timated at - - 



It. OF THE PUBLIC DEBT. 

The funded d^t, which was contracted before tba year 1812, and which, 
was uniedeemed on the liit day of October, 1818, (as appears by statement 
No. 1,) amounted to $29,6ei,2SO<:07 

And that contracted subsequently to the Ist day of 
January, 1812, and unredeemed on the 1st of October, 
1818, as appears by the same stateownt, amounted to 68,146,039 84: 



Making the aggre^te amomt of - 

Which sum agrees with the amount stated in the last 
annual report as unredeemed on the Ist October, 1816 ; 
excepting the sum of $1,885 13, which was then short 
estimated, and which has since been corrected by actual 
settlement. 

On the Ist day of January, there was edded to the 
above amount, for Treasury notes brought into tb^ 
Treasury and canceUed, and for which trie followipg 
stock was issued ; 



$97,827,319 91 



tizedoy Google 



1819.] 



la 6 per cent stock 
Id 7 per ceot. stock 



SECRETARY OF THE TREASURY. 



$49,034 71 
2,&46 00 



$51,670 71 



Making $97,878,990 t 

Prom wtiich deduct Louisiana 6 per 
ctM. stock, reimbnised on the 3lst of Oc- 
tobm, 1818 ... - 4,977,960 00 

And deferred stock, reimbursed be- 
tween the 1st of October, 1818, and 1st of 
Jmhutt, 1819 ■ ■ ■ - 252,863 27 

6,230,813 S 



Hakii^ the pnblic debt, which vbs an- 
redeetned on the Ist January, 1819, (as 
appears by statement No. 2,) amount to - 

From the lat of J&nutuy to the 30lh 
SqNember, inclusive, there was, by fund- 
iog Tieasary aotes aud issuing 3 per 
cnL stock, for interest on old registered 
dek, added to the public debt, (as ap- 
pnn by statement No. 3,) the amount of 



Piom which deduct the amount of slock 
pnretutsed during that period, (as appears 
by statement No. 4,) - - - 

And the estimated reimbmsement of 
deferred stock 



- .93,648,312 94 



36,135 69 
92,684,312 94 



Hakifig, on the 1st of October, 1819, (as 
q;)ears by statement No. 3,) the sum of - 

Since the 30th of September, there has 
tnai redeemed, or provision made for th6 
rtdemptioD, of 64 per cent of the Lonisi- 
oa stock unpaid on the 1st October, 1819, 
aKandng to - - - - 2,601,817 15 

And there wiU be rdmbuned of the 
pdnciptd of the deferred six yet cent stock, 
<n the Istof Jannary, 1820 - . 241,606 70 



91,728,527 61 



3,843,328 86 



Ijeaving the pubhc debt, unredeemed* 
<n the Ist January, 1620, by estimate - 

*!%€ Tfeasury notes in circulation are estimated, (as ap- 
pears by statement No, 6,) at - 

Tha whole o( the awards made by the commissioneis 
Mtaimed nudsr the several acts of Coogress, for indemni- 
iying certain claimants of pa^lic lairas, (as appears 1^ 
"No. 6,) ftiBOQnt to - - - - 



- $88,885,203 66 



$181,821 00 



4^81^61 la 

_. Google 



14S REPORTS OP THE [1819. 

Of which lliere has been received at the office of the 
Commissioner of the General Land Office, (as appears by 
statement 0,) the sum of . . - . $2^72,674 31 

Leavitig outstanding, at the dates of the several returns 
from the land districts .... 81,909,676 81 



In presenting the estimates for the year 1820, it may be proper to observe, 
that when the internal duties were repealed on the 31st of December, 1817, 
Uie permanent revenue, including those duties, was estimated at 1924,525,000; 
whilst the annual authorize expenditure was ascertained to be less than 
822,000,000. The repeal of the inlernal duties reduced the former to 
822,026,000; whilst the paymeuls from the Treasury, during the year 
1818, exceeded 826,000,000, and those of the present year will, probably, 
fiai but little short of 826,500,000. 

In the annual report of (he Treasury of the 2Ist of November, 1818, the 
receipts for the present year were estimated at 324,220,000. Although this 
estimate will be realized in its general result, deficiencies have been ascer- 
tained in the customs, the internal duties and direct tax, the bank dividends, 
and the postage of letters. The deficiency which has occurred in the cus- 
Ipms, internal duties and direct taxes, will probably augment, in nearly the 
same degree, the receipts from those sources in the year 1820, by the pay- 
ment of the revenue bonds, and of that portion of the internal duties ana di- 
rect taxes, which, if the accustomed punctualily had been observed, wonld 
liave been received during the present year. But it is probable that the re- 
ceipts of that year will be diminished by the non-payment of bank dividends, 
ana by the application of a portion of the proceeds of the public lands to the 
redemption of the outstanding Mississippi stock. The receipts for the year 
1820, applicable to the ordinary and current demands upon the Treasury, 
may therefore be estimated at - . - - $22,000,000 00 

Viz: 
Customs - - - 819.000,000 00 

Public lands - - - 2,000,000 00 

Arrears of internal duties and direct tax 460,000 00 
Second instalment due by U. S. Bank - 600,000 00 
Incidental receipts ... . 60,000 00 

Which, with the sum estimated to he in 

theTreaanryon thelst of Jan. 1820 - ■ 334, 996 90 

Make the aggregate amount of ... 822,334,996 90 

The estimates of the eTOenditare for the year 1820 are not yet complete : 
but it is ascertained from those which have already been received, thai a sum 
not less than 827,000,000 will be required for the service of that year. 
This deficit of nearly 85,000,000, resulting from the excess of expenditure 
beyond the receipts, capnot be suppUed by any application of the ordinary- 
revenue. After paying the interest and reimbursement of the public dd>t, 
and redeeming the remainder of the Louisiana stock, about 82,600,000 
of the sinking fund will remain without application, if the price of the 
public stock should continue above the prices at which the comiiiiflsiotiers 

. „Gooj^lc 



1819.] SECRETARY OF THE TREASURY. X49 

of the Einking fund are authorized to purchase. During the years 1821, 
1822, and 1823, the avera^ sum of 85,000,000 of the sinldDg; fiind will 
«lso remain without application, if the price of the public stock should 
prevent its purchase. Any appUcation of that portion of the sinking fund 
which, on account of the priceof the public stodc, may remain unemployed 
in the hands of the commissioners o( the sinking fund, to other branches 
of the puUic service, if allowable under the provisions of the act making 
the appropriation, would only postpone the period at which additional impo- 
sitions would be required to meet the public expenditure. Such an applica- 
tion would also have the effect of ultimately retarding the redemption of the 
public debt. 

It may be proper to add, that, although some of the items in the estimate 
for the ensuing year may be considered in their natnib temporary, yet it is 
probable that the estimate for succeeding years will exceed, raUier than 
jall belov it. 

Under all the ciicumslances, it is reepe<^ullT submitted that the pnblic 
interest requires that the revenue be alimented, or that the expenditure be 
diminished. 

Should on increase of the revenue be deemed expedient, a portion of the 
deficit may be supplied by an addition to the duties now imposed npon 
various articles of foreign mercbandiae, and by a reasonable duty upon sales 
at public auction; but it is not probable that any modification of theexisting 
tariff can supersede the necessity of resorting to internal taxation, if the ex- 
]:>endifure is not diminished. Should Congress deem it expedient to modify 
the present rale of duties, with a view to afford that protection to our cotton, 
woollen, and iron manufactures, which is necessary to secure to them the 
domestic market, the necessity of resorting to a system of internal taxation 
I will be augmented. It is believed that the present is a favorable moment 
for affording efficient protection to that increasing and important interest, if 
, it can be done consistently with the general interest at the nation. The 
situation of the countries from whence our foreign manufactures have been 
principally drawn, authorizes the expectation that, in the event of a mono- 
poly of the home market being secured to our cotton and woollen manufac- 
tures, a considerable portion of the manufacturing skill and capita) of those 
countries will be promptly transferred to the United States, and incorporated 
into the domestic capital of the Union. Should this expectation be realized, 
the disadvantages resulting from such a monopoly would quicklydisappear. 
In the mean time, it is believed that a system of internal taxation would be 
severely felt by the great niass of our citizens. 

Whether the revenue be augmented, or the exp^diture be diminished, 
a loan to some extent will be necessary. The augmentation of the one, or 
the diminution of the other, cannot be effected in sufficient time to prevent 
this necessity. As the six per cent, stock of the United States is consider- 
ably above par, the sum required to be raised by loan can be conveniently 
and advantageously obtained by the sale of stock of that description; or it 
may be obtained by the issue of Treasury notes. If the revenue and expend- 
iture shall be et^ualized, the issue of Treasury notes, not bearing interest, 
is recommended in preference to tha creation or sale of stock, as the loan, 
in that event, will be small in amount and temporary in its nature. 
All which is respectfully submitted. 

WM. H. CRAWFORD. 
Tbeasurt Department, D«cembtr 10, 1819. 

Dig tizedoy Google 



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1819.] 



SECRETARY OP TEIE TREASURY. 



A iSTATEMENT exhibUing the value and quantities, respective^, of 
merchandise on whic/i duties aetuatiy accrued during the year 1818, 
iconaiating of the difference between articles paying duty, imported^ 
and those entitled to drawback, re-exported ;) and, also^ of the nett re- 
venue which accrued that yepr, from duties on merchandise, tonnage, 
passports, and elearanees. 



3,387,693 dollars, al 71 per cenL 
I9.445,&25 do. 15 do. ... 

9>'24,531 do. 90 do. ... 
24,804,188 do. 25 do. ... 

3,634,637 do. 30 do. ... 


»179,076 97 
2,916,828 % 
1,904,906 30 
6,301,047 00 
790,091 to 




58,795,574 

134,070 do.eip'd33| do. . . . 


11,991,950 03 
44,690 00 


»1I,947,960 03 


68,661,504 


630, IBl 76 
3,646,186 92 

615,751 15 
1,531,749 53 

959,970 15 
1,(>68,893 44 

550,479 30 
1,591,701 38 


1. Wines - l,e63,4aJ gallons, at 37.9 cena average 

3. Spiriw - 6,053,453 do. at 43.7 oenis do. 

Molasses - 13,315,0-23 do. al 5 ceals do. 

3. Teas - 4,842,963 pounds, at 31.6 cenn do. 
CoOee - 19,199,403 do. at 5 cents do. 

4. Snear - 51,S»1,9H3 do. at 3.6 cents do. 
6. Safl - 3,753,396 bushels, al 30 cents do. 
6. All other articles 


10,094,813 42 




90,010 91 

»1,993 96 
34,643 86 




33,043,173 44 
68,865 64 


31 percent, retained on drawback . . . 
10 per cent, eilm duly on merchandise imported inXir- 

eipiwssels - 

InMrest and storage . . . . - 


31,983,316 80 
316,648 03 




9167669 84 
44,309 57 


Duties on tonnage . - . . . 
Light owner - - ' " 


33,399,964 83 


Pnasports and clearances . . . . 




hIosooo 


Qfaarerenue 

Dednelexpensesof collection . , . . 


23,574,873 S3 
746,423 15 


Hetl revenue, per Biuemenl A - . . - 


31,828,461 48 



t,i.a,Go6gle 



REPORTS OF THE 

Explanatory Stattments and Notes. 



[1819. 



Wines— 
Madeira • 
Borgimdr 
dti-U in boitles - 
Sbsny and St. Lucar 
Lisbon, Oporto, fte. 
TeneriBe, Fajral, An. 
Another 



161,718 galk 

7,M0 do 

' 68,474 dc 

11,675 dc 

110,064 do 

194,348 do 

1,119,363 d<j 





1,663,482 


do. 


Spirits- 














203,258 




3d do. - 




rio. 






An 


5th do. - 


79 


do 


Other, 1st and 2d proof 


783,074 


do. 








4th do. - 


9,061 ,3» 


do. 




30,569 




AboTeSUi da - 


373 


do. 




6,059,453 


do. 



376,994 ponsds, at 

963,857 ^ do. ! 

Hrsonakiii - - 1,52^,372 do. '. 

HfsoD and rouns hyson 1,713,623 do. • 

froperial - • - 366,368 do. 1 

4,643,914 do. - 

Deduct, Imperial expoited 951 do. < 

4,843,963 do. - 

AddllioTuit datjr on teas imported from other places thi 



Bagar— 
Brov 



51,284,363 do. 



boshels 



Sail- 
Imported, 
Exported 
Bounties and allowdncea, 
rednced into bnshels - 



33,589 
773,940 



3,557,985 at i»ce 



1,531,436 89 
646 68 


1,530,780 31 
969 32 


1,631,749 53 


1,447,590 64 
121,371 80 


1,568,893 44 



t,i.a,Google 



819.} SECRETART OF THE TKEASUHT. 

Exptanaion/ ataianent* and Notes— Continued. 



6. All othei articles. 



'uck, Russia 

HoUtukl - 
leeting, brown, Rnssui 
vhite,Rasia 
eer, ate, and porter, in battles 

11, speiinaceii 

whale, and other fish 
olive, in caste 



hoci^ate - 
agar, candy 
loaf 

lamp, and oiber re 
.Itnonds - 
rails — Cnmuiis - 

Pmnes and plum; 
Pipi 

Sakins, jar, Ac. 
all other 
audles, [allov - 

wai or tpennaceti 



pices — Mai^e 

Nutmegs - 
Clores - 
P^r - 



)chre, dry 



oil 



ff hi(e and red lead 
Vhiiin^ and Piris 'wbjte 
.■ead, pig, bar, and ^eel 

manuractared, and shot 
;orda^, cablea and tarred 

nniaired, and yam 
Twine, seines, Ac. 
^pper, rods md bolts 

□ails and spikes - 
IVire, not above No. 18 - 

above No. 18 
iron, tacks, brads, dtc., not above 16 1 



ancbon 




S35,643 
33,663 

1,708 
14,176 

1,516 

33,056 
963 
2,301 
16,049 
690,307 
3,079 



-70,563 
804,334 
3,433 
40,010 
30,315 
1,100,209 
330,740 
159,193 



103 
196,999 
4,31S,T43 
105,637 
188,077 
50,582 
756,771 
36,154 
3,391,239 



605,004 
53,180 
53,667 



16,914 

1,674 

376,782 

711,167 



oy Google 



REPORTS OP THE [1819. 

BafplmaOry Statement and i\Ax«»— Cootinaed. 









Bate 




6. AUotkeranicles. 




ananiity. 


of 
dnty. 


Duties. 








Omit. 




Iron, SDchors .... 


CWI 


486 


150 


8639«i 


pig 


da 


3,<ra) 


60 


1,9% 00 


cutii^ . . . , 


da 


15.915 


15 


11,936 85 


sheet, rod, udhocip- 
bw ud boll, roUaff - 


do. 


17,856 


9G0 


44,640 (H 


do. 


53,979 


150 


80,368 H 


^hammered ■ 


do. 


sa.TO 


45 


33,732 55 


do. 


do. 


345,699 


75 


184,974 K 


Steel 


do. 


11,343 


100 


11,343 a 


Hemp 


do. 


99,349 


150 


I48,BT3 5( 


Aim 


do. 


4,334 


100 


4,334 « 


Do. 


do. 


9,560 


900 


5,100 « 


ga"" : : ; : : 


do. 


455 


100 


455 0( 


bnshels 


931,633 


6 


46,091 6( 


Fi3li, dried, smoked, 4«. - 


Vrrels 


1,886 


100 


1,888 a 


pickled, rabnoa - 


3,513 


300 


5,094 0( 




do. 


8,695 


150 


13,013 5( 


■llolher - 


da 


694 


100 


694 0( 


Glk», boales, black qnan - 


groB 


19,350 


144 


97,864 a 


window, 8 by 10 - 


lOOsq.fl. 


5,:aa 


S50 


14,306 01 


lObyia - 


do. 


3,135 


975 


8,^12 


above lOby 19 - 


do. 


5,469 


335 


.17,-rai 5( 


Booia - . f - - 


pairs 


i;563 


160 


3,344 9 


Sboes and slippen, Eilk - 


^ 


8,834 


30 


3,650 91 


leather, men'*, tc. - 


do. 


45,111 


25 


11,377 T 


cbMren's - 


da 


14, OCT 


15 


9,110 0! 


S^rs 


M. 


15 793 


aso 


39.307 5( 


PUrinS cards .... 


packs 


ll,99f! 


30 


3,599 71 




1,693,359 71 


CuDamon, 6,104 pounds, at 35 cents 




$1,536 00 






Snuff, 1,IM do. at 12 da 




133 48 


Total 


1,C58« 








1,601,701 31 



Tbeasurt Depahtment, 

Registvi'a OMee, December 10, 1819. 

JOSEPH NOUBSE, Register. 



tizedoy Google 



1819.] 



SECRETARY OF THE TREASURY. 



STA TEMENT of moneys received into the Treaaury, from hiternal 
duties and other objects, during the year 1818. 



From arreais of Dew internal duties - 


$947,946 33 


new direct tax ... 


263,926 01 


old internal revenue . 


7,323 87 


old direct tax - 


4U7 36 


postage of letters .... 
fees on letters patent .... 


20,070 00 


4,740 00 


cents and half cents coined at the mint . 


23,420 00 


rent of the lead mines in the Missouri Territory . 


2,000 77 


fines, penalties, and forfeitures - 


677 60 


surplus proceeds of property sold for paying of 
direct taxes of 1815 . . . . 




1,378 IS 


direct taxes of 1816 . - - . 




131 71 


interest on stock in the Bank of the United States 


62e,000 00 


interest on halances due hy banks to the U. States 


6,299 48 




»1,802,221 27 



The ABU RT Dbpabthent, 

Register's Office, December 4, X819. 

JOSEPH NOURSE, Register. 



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160 REPORTS OF THE [1819 

No. 1. 

STATEMENT of the funded debt of the United Slates, on the l$t 
October, 1818. 

Deferred six pei cent, stock, (aDtedeem- 

ed amount) - - - . 93,621,696 40 

Three per cent, stock - - ■ 13,464,675 68 

Louisiana six per cent, stock - - 9,965,900 00 

Six per cent, stock of 1796 - - 80,000 00 

Exchanged six per cent, stock of 1812 - 2,669,108 99 



Six per cent, stock of 1812, loan of 11 

millions .... 6,206,602 12 

Six per cent, stock of 1813, loan of 16 

millions .... 15,522,272 81 

Six per cent, stock of 1813, loan of 7^ 

millions .... 

Six per cent, stock of 1814, loan of 25 

and 3 millions - - - ia,ULi,4ii7 tus 

Six per cent, stock of 1816, loan of 

$18,462,800 - . - . 9,506,625 41 

Treasury note six per cent, stock - 1,337,004 99 

Treasury note seven per cent, stock - 8,726,964 49 
Five per cent, stock, (subscription to 

Bank United States) - • - 7,000,000 00 



• $29,681,280 or 



68,146,039 84 

$97,827.31 9 91 

Tbeabdrt Department, 

Register's Office, November 30, 1819. 

JOSEPH NOURSE, Itegiater. 



tizedoy Google 



1819.] 



SECRETARY OF THE TREASURY. 



STA TEMENT •/ the funded debt af Ike UnUed Slates, m the Ut 
January, 1S19. 

Deferred six per ceut. stock, {unredeem- 
ed uooant) - - . . 
Three per cent, stock - 
Loaisiuia six per cent stock - ' 
Six per cent, stock of 1796 
Kzcbanged she per cent, slock oF19ia - 



Six per cent, stock of 1812, loan of eleven 
niititons ' . . . 

Sfu per cent, stock of 1813, loan of six- 
teen millions ~ . . 

Six per cent, stock of 1813, loan of seven 
and a half millions - 

Six per cent, stock of 1814, loan of 25 
and 3 millions 

Six pet cent, stock of 1815, loan of 
$18,453,800 

Six percent. Treastirynole stock 

Seven per cent. Treasury note slock 

Pive per cent, stock, (su^ription to 
Bank United States - 



93,268,832 13 
13,464,576 68 

4,977,960 00 
80,000 00 

2,689,108 99 

6,206,502 12 
15,522,273 81 

6,836,232 39 

13,011,437 63 

9,505,625 41 
1,387,223 70 
8,72^416 49 

7,000,000 00 



a $92,648,177 35 



c Unredeemed amount, ist Jdimary, 

1818 
Add stock issued in 181S : 

Three per cent. 
Treasury note six per cent. 

a (see No. 2 o) 
Treasury note seven per 

ceot h (see No. 2 a) - 




■ $99,107,346 9S 



126,707 78 



Dedact stock purchased 
imd reirabnrsea in 1818 : 

Pnrchaaed, per statement 
No. 4, accompanying; re- 
peat c^ the 23d of Norein- 
ber, 1818 

TOL.II.— 11 



tizedoyGOOJ^If 



ifle 



KEFORTS OF THE 



[1819. 



Reimbursed moiety of 
I^uisiaoa stock, 21st 
October - - 84,977,950 00 

Old six per cent, and de- 
ferred stocks - - 1,191,933 61 



$6,585,877 33 

As above, $92,648,177 35 

Theastbt Depabtment, 

Ragister'B Omce, November 9i, 1819. 

JOSEPH NOURSE, Register. 



STATEMENT esMbUing the total amount of the aix and seven ptr 
cent. TYeasuTj/ note stocks, issued to the 31s/ December, 1818. 



At whwolficfl issued. 


Sii per cenl. 


S«ven pel cent. 


Treasury - 


- S4M63 37 


S20US7 80 


New Hampshire 


- 62,992 28 


121.361 00 


Massachuselh 


■ 600,049 61 


3,041,620 00 


Rhode Island 


- 10,942 83 


163,122 00 


Connecticut 


. 


79,499 00 


New York - 


- 348,660 66 


4,726,846 00 


Pennsylvania 


. 


701,011 00 


Delaware 


940 00 




Maryland - 


- 42,881 26 


15,127 00 


Virginia 


. 


1,866 OO 


North Carolina 


- 8,766 92 


1,180 00 


South Carolina 


- 282,149 99 


8,166 00 


Georgia 


- 107,617 43 


3,880 OO 




1,411,443 36 


9,063,795 00 


Deduct so much thereof included in 






the statement of the funded debt 


- 1,293,641 66 


9,064,909 00 


to lat January, 1818 - - \ 








o «117,801 70 


i $8,eS6 ttU 



Tbeasdrt Dspabthent, 

Regiater'3 Office, December 4, 1819. 

JOSEPH NQDRSE, Jtegisler. 

No. 3. 
BSTHHATEefllieJuiultddeUofthe Untied SUM, 111 Odaier, 1819. 

Deferred six fa cent stock, (unredeemed 
amoimt) . . - - 

Threepercent - . . . 

Louisiana six pet cent • • • 

Six pSr cent, 1796 
Exchangedsizper cent, 1812 - 



«S,806,020 87 
13,296,916 44 
4,818,279 92 

so,oeo 00 

2,668,974 99 



-(23,668,191 m 



t,i.a,G00gIc 



1819.] SECRETARY OF THE TREASBKY. 

Six per cent, stock of 1812, (loan of 11 

mfflions) - - - - 96,187,006 84 

Six per cent, slock of 1813, (loan of 16 

milUons) - - - - 15,521,136 45 

Six per cent, stock of 1813, (loan of 7^ 

millions) . - . - 

Six per cent stock of 1814, (loan rf 25 

ami 3 miUions) - - ■ 13,011,43T 63 

Six per cent, slock of 1816, (»an of 

«1^452,800)- - • - ?4?2.??fl? 

Treasury note six per cent. sto:k - J'|ig'ir? ^ 

Treasury note seven per cent, stock - 8,595,298 27 

Five per cent, stock, (suhecription to the 

BaA of United States) • • 7,000,000 00 



168,060,336 29 

Amount 1st October, 1819 091,728,527 51 



Amoont ns staled 1st Jwuary, 1819 - $92,648,177 36 
Add stock issued in t'te first three quar- 
ters of 1819: 
Three per cetx. f*r inter- 
est on oK .-egislered 
debt - • . - S3M 68 

Treasury aole six per 



Treasuiynote seven per 



33,195 91 
2,635 OO 



Dednct stock purchased as per statement 
No. 4, herewith - $711,957 55 
Beiiubuisement of de- 
ferred stock - - 243,827 88 



92,684,312 94 



956,786 43 

As above stated, 1st October, 1819 - 891,728,527 61 
Deduct stock reimbursable in the 4th 
qoarter of 1819 : 

Lonisiana 6 per cent 



(54 per cent, on 
*4, 



4,818,279 92,) on 
21sl October -82,601,817 15 
Deferred 6 per cent. 
31st December - 241,506 70 

2,843,323 85 

Aaiotiat la January, 1820 $88,885,203 66 

Treabuat Department, 

Scgisla's Office, Nommber 30, 1819. 

JOSEPH NOUBSE, BegUler. 



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REPORTS OF THE 



[1619 





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L819.] SECRETARY Of THE TREASURY. 165 

No. 5. 

A. STA TBMENT of the several denominationa of Treaavry notes 

issued; showing the amount outstanding; by estimate, to the last dale. 

Treasury notes were issued under the several acts of Congress — 

Of the 20ih June, 1812 .... $5,000,000 

25th February. 1813 - - - , 5,000,000 

4th March, 1814 .... 10,000,000 

26th December, 1814 .... 8,318,400 
24ih February, 1815, of $100 notes 3'],969,400 
Small Treasury notes 3,392,994 



Total amount issued - - - $36,680,794 

Of the above amount there has been cancelled at the 

Treasury $32,763,890 

Small Treasury notes in the several banks, viz: 

Nev Hampshire, (Union Bank] - - 9 

Branch Bank Washington • 127 

136 

Drawn into the Treasury by warrants, and in 
a course of settlement for the purpose of being 
cancelled— Small Treasury notes - - §3,342,127 

In the Auditor's Office, in a course of cancel- 
ment for six per cent, stock issued nt — 

The Treasury, 23d October, 1819 $22,800 
Kew Hampshire, 30lh June, « 1,930 

Massachusetts, 30th Sept'r " 93,020 
Rhode Island, 31st March " 3,280 

New York, 30lh September " 29,040 
Maryland, 31st March - " 43,800 
Virginia - - - . 1,260 

South Carolina, 30th June, 1819 - 14,700 
Georgia, 31st Dec. 1817 - - 98,000 

307,820 

In the Branch Bank, Washington ■ 90,332 09 
From which deduct the estimated 
amount of interest included in this 



Balance ouU^tanding, by estimate, viz : 
In small Treasury notes - - - 10,961 
Other notes 170,860 



As above $36,680,794 



Treasurt Department, 

Register's Office, December 4, 1819. 

JOSEPH NOURSE, Register. 



.„Gooj^lf 



REPORTS OF THE 



[1819. 



No. 6. 

STATEMENT of the claims awarded by the commissioners appoint- 
ed by virtue of the act of Congress entitled "An act supplementary 
to the act entitled ' An act for the indemnification of certain claim- 
anta of ptdilie lands in the Mississippi TarUory;^" paasedoatke^ 
March, 1815. 



Awards in fkvor ol 



Individuals claiming uodeithe Upper Mississippi Company 
Tennessee Company 
Georgia Mississippi Com- 
pany - 
Georgia Company 
Citizens' rights 



Amotint of oertificates issued 
Ditto to be issued 



Total 



$4,273,650 171 - 
6,600 96 . 



531,428 05 

1,412,134 96 

1,887,040 95 

101,547 16 

$4,282,151 12 



84,282,151 12 



Treasury Department, 

Register's Office, December 3, 1819. 

JOSEPH NOURSE, Register. 



tizedoy Google 



ISaaj SECRETARY OP THE TEEASURT. 

REPORT ON THE FINANCES. 

DECEUBER, 1820. 



Id obedience to the directions of the '■ Act supplementary to the act to 
«it»bUsh the Treasury DepartmeDt," the Secrcta^ of the Treasury respect- 
fully submits the following report. 

I. OP THE KETENtTB. 

The aett revenue arising from imports and tonnage, internal duties, di- 
rect tax, public lands, postage, aud other incidental receipts during the year 
1617, amounted to * - - - - 824,365,227 34 

Yu:Gasloma, (see statement A) - -$17,524,775 15 

Internal duties - - - 2,676,882 77 

Direct tax - - - - 1,833,737 04 

Public lauds^ exclusive of Uississippi 

stock - - - - 2,015,977 00 

Postage, and other incidental receipts 313,856 38 

llMt which accrued Irom the same sources du ring the year 

1S18 amouated to - . . . . 26,095,200 65 

Til : Customs, (see statement A) - • 921,828,451 48 

Arrears of internal duties - - !)47,946 33 

Arrears of direct tax - - - 263,926 01 

Public lands, exclusive of Mississippi 

stock .... 2,464,527 90 

Postage, dividends on bank stock, and 
other incidental receipts - - 590,348 93 

And that which accrued from the same sources during 
the year 1819 amounted to - . . - '21,435,700 69 

¥iz: Customs, (see statement A) - - $17,116,702 96 

Arrears of internal duties, (see state- 
ment B) - - - - 227,444 01 
Arrears of direct tax, (see statement B) 80,850 61 
Public lands,exciusive of Miss'pi stock 3,274,422 78 
Postage, and other incidental receipts 61,280 33 
F^rst instalment from the Bank of the 
United States, and dividend on the 
stock in that bank - - 675,000 00 ' 



It is ascertained that the gross amount of duties on merchandise and ton- 
nage, which accrued during the first three quarters of the present year, ex- 
ceeds $13,340,000 ; and the sales of public lands during the first two quar- 
ler* of the year exceed $1,240,000. 

The payments into the Treasury, during the first three quarters of the 
present year are estimated to amount to - - $16,819,637 49 

Viz : Customs - - - $12,378,513 12 
Public lands, exclusive of Mississippi 
stock 1,124,646 32 



.„Gooj^lf 




68 REPORTS OP THE IISBO. 

Arrears of internal duties ) 
Arrears of direct tax i 

iDcidental receipts - - 

Moneys received from loans - 
Repayments 

And the payments into the Treastirjr during the fonrth 
quarter of the prasent year, from the same sources, are esti- 
Lted at - - - - - - - 83,430,00000 

Makin? the total amount esUmated I» be received into 
the Treasury during the year 1820 - ■ ■ 20,249,637 4* 

Which added to the balance in the Treasury on the 1st 
day of January last, amounting to - i • 2,076,607 14 

Makes the aggregate amount of - - $22,326,244 63 

The application of this sum for the year 1820 is estimat- 
ed as follows, viz: 

To the 30th of September the payments have amounted 
to , . \ , . $16,908,413 80 

Tiz: 

Civil, diplomatic, and mis- 
cellaneous expenses - $2,0TO,5r3 25 

Miiitaiy service, including 
fortifications, ordnance, Indi- A 

an department, revolutionary 
andmilitary pensions, nrming 
the militia, and arrearages 
prior to the Isi January, 1817 6,043,088 00 

Naval service, including 
the permanent appropriation 
for the increase of the navy 2,946,762 00 

PuWic debt, including 
$1,142,879 55, for the re- 
demption of the Mississippi 
certificates - - - 5,840,010 55 



During the fourth quarter it is estimated 
the payments will' amount to - - 8,056,000 OO 

Viz: : 

CSTil, diplomatic, and mis- / . 

cellaneous expenses - - 450,000 00 

Military service - -1,900,000 00 

Naval service - - 806,000 00 

Public debt, to the 1st Jan- 
uary, 1821 - , - - 4,900,000 00 " - 



Making the aggregate amount of - - - ^4,964,413 90 

And leaving on. the 1st of JanuaVy, 1821, a balance 
against the Treasury, estimated at - . - - - $2,638,169 17 



tizedoy Google 



1820.J SECRETAKY OF THE TREASURY. 169 

II. OF TBS PUBLIC DEBT. 

The funded debt which was contracted before the year 1812, and wliich 
was unredeemed on the 1st of October, 1819, as appears by statement No. 1, 
UDOunted to 1^23,668,264 71 

And that contracted subsetjuent to the Ist day of Janua- 
ly, 1812, and unredeemed otittK Istdayof October, 1819, 
>s appears by the same statement, amounted to - - 68,060,336 29 

Making the a^re^te amount of - - 1191,728,691 00 

Which sumagrees with the amount, as stated in the last 
UDiial report as unredeemed on the 1st of October, 1819, 
excepting the sum of $63 49, which was then short esti- 
m&teid, and which has since been corrected by actual settle- 
ment 

In the fourth quarter of 1819, there was added to the 
aboresum, for Treasury notes brought into the Treasury 
ind cancelled, the following sums, viz : 

In 6 per cent slock - - 94,152 18 

In 7 per cent, stock - - 10,526 00 



Making - - $91,743,288 18 

Prom which deduct Louisiana six per cent, stock, reim- 
bmsd on the 2l3t of October, 1819 - $2,601,871 14 

And deferred stock reimbursed between 
4e 1st of October, 1819, and 1st of Janu- 
iry, 1820 - - . . 242,063 47 



2,843,934 61 

Makiu? llie public debt which was unredeemed on the 
lit day ofJanuary, 1820, as per statement Na 2, amount to $86,899,333 57 

Prom the 1st of January to the 30th of September, in- 
dosive, there was, by fundiog Treasury notes, and issuing 
three per cent, slock for interest on the old registered debt, 
added to the public debt, as appears byslatement No. 3, the 
■mount of - - - • $34,550 19 

And by tbe loan authorized per act of 
May 15th, 1620 - . . - 2,545,431 47 



2,679,981 66 

Making • - $91,479,316 23 

From which deduct the amount of stock purohsaeddur- 
Of ifaat period, as p§T statement No. 3 - $10 34 

And tbe estimated reimbursement of de- 
ferred stock .... 253,762 78 



253,793 12 

IMung, on the 1st of October, 1^0. as appears by state- 
ant No. 3, the sum of . - ' - . - $91,325,622 11 

To which add, iDlhefouithquarter of 1820, on account 
of the kwn of Die IdCh Hay, of the same year - - 454,667 66 

Making • . $91,680,089 77 



170 REPORTS OF THE [1880. 

There will be reimbursed of the principal of the defer- 
red stock, on the 1st JanUHry, IffiJl - $249,444 16 

Siace the 30th September last, the residue 
oflheLouisjana stock lias become redeemar 
bie, amounting to . . - 2,216,408 78 

^ $2,465,862 94 

Which, if dischai^ed before the 1st day of January, 1821, 
will leave the public debt unredeemed on that day, as esti- 
mated 889,21 4,236 83 

The Treasury notes yet in circulation are estimated, 
as appears by statement No. 5, at - • - $27,666 OO 



The whole of the awards made by the commisaiotiers 
appointed under the several acts of Congress for the in- 
demnification of certain claimants of public lands, (as ap- 
pears by statement No. 6,) amount to - - - $4,282,161 12 

Of which there has been received at the General Ijand 
Office $2,439,308 31 

And there was paid at the Treasury, 66 
net cent, oa $1,731,635 69 - - 1,142,879 65 

3,583,187 86 

Leaving outstanding, on the 30th September, 1820 - $699,963 26 



In formingan estimate of the receipts into the TreBsnry for the vear 1821, 
the amount of revenue bonds outstanding on tile 30ih day of Soptembet 
last, the sum due for publio land, the ability and disposition of the commu- 
nity to purchase, and especially the quantity >nd quality of land intended 
to be exposed at public auction in the course of the year, present the 
data upon which the calculation must be made. As a portion of the duties 
which accrued in the fourth quarter of the present year, and in the first and 
second quarters of the next, form a part of the receipts into the Treasury for 
the latter year, the amount received will exceed or fall short of the 
estimate, by the difference between the duties which actually accrued in 
those quarters, and are payable within the year, and (he amount at which 
they had been estimated. 

The receipts into the Treasury may also considerably exceed or fall short 
of the sum estimated, in consequenceoftheissueof a greatwror less amount 
of debentures payable during the year 1821 than had been estimated. 

The degree of punctuality with which the revenue bonds are discharged, 
upon which the estimate is formed, must necessarily ofiect the amount thai 
will be received into (he Treasury. 

If the accruing revenue of the present and two sncceeding miarters shouU 
exceed that of the corresponding quarters of the present and last years ; i 
the amount of the debentures which may be issued and made payable, so a: 
to affect the receipts of the year, should be less than ^at of the preceding 
years since the peace, compared with the gross amount of duties securet 



tizedoyGOOJ^If 



18fi0.] SECRETARY OP THE TREASURY. 171 

within those years respectiTely; find if greater punctnality in the payment of 
the revenue bonds now outstanding should be observed than duringdielast 
meationed period, the recdpts from the customs will exc€«d the estimates 
now presented; and they will iall short of it, should all these contingencies 
be aafavorable, as has been the case during the present year. 

The revenue bonds outstanding on the 30th of September last are esti- 
mated at 18,770,000 dollars. Of this sum, 3,130,000 dollars are in suit; of 
vhicb about 1,260,000 dtdlaro will not be collected, on account of the insol* 
Tmcy of tbe debtors; leaving the amount of bonds outstanding upon which 
cMlecttons are to be made, estimated at 17,620,000 dollars. The amount 
of duties secured during tbe 1st, 2d, und Sd quarters of the year 1820, is 
otiTBBted at 13,350,000 dollars, and that ofihe whole year may beestimated 
at 16,500,000. The amount of debentures outstanding on the 30th of Sep- 
tember last, and payable during (he year 1821, is estimated at $1,163,114 Iti, 
which is snbject to be increased by the amount issued in the present quarter, 
md dtiritig the whole of the ensumg year, chargeable upon the revenue of 
fiai year. The annual average amotmt of deboitures, bounties, and allow- 
ances, and expenses of collection, chargeable upon the revenue, has been 
atcertained to be nearly equal to 16 per cent, of the annual average amount 
(if the dirties upon imports and tonnage, which accrued from the year 1815 
to the year 1819, inclusive. 

If this proportion be applied to the revenue bonds outstanding on the 30(h 
ofSqitember last; and if the receipts from the tonnage of vessels and upon du- 
ties secured during the present and the two succeeding quarters, are assum- 
ed to be equal to any deficiency resulting from the want of punctuality in 
the dischai^ of the outstanding bonds, the receipts into the Treasury for 
the year iSl, from this source of reyenue, may be estimated at 14,000,000 
dfjlars. 

The receipts into the Treasury &om the public land during tbe first three 
qoaiteis of the present year are estimated at $1,124,645 32, and those of the 
entire year will probably not much exceed 1,600,000 dollars. 

The receipts from that source during the year 1821 will probably not 
exceed those of the present year, if no incentive to greater punctuality, or 
iodncement to make prompt payment, should be presented to the public 
debtor, in the course of the present session of Congress. 

The balances of internal duties and direct lax still outstanding, are so con- 
aderable as to justify an estimate of some extent, in calculating the receipts 
of the ensuing year, if the difficulty of enforcing payment in those States 
vfaere tbe la^rest amount is due were not known to be great. Under these 
dreamstances, the receipts from that source, for the ensuing year are est!' 
naled at 100,000 dollars. 

According to the forgoing data, the receipts into the Treasury for the 
omiiog year may be estimated as follows, viz: 

Customs- - - - $14,000,000 00 

PnUic lands, exclusive of Mississippi stock 1,600,000 00 

Arrears of internal duties, direct tax, and 
incidental receipts - . - - 100,000 OU 

iSrird instalment from the Bank of the 
United States ... - 500,000 00 

Bank dividends, which will accrue during 
the year, estimated at 6 per cent. - . 360,000 00 

Making the aggr^ate amount of - - - $16,550,000 00 



"W 



173 REPORTS OF THE 

The appropmtions for the aame period are estimated as 
follows, viz: 

Ist. Civil, diplomatic, and miscellaneous 3:1,769,850 01 

2d. Military department, Including fortifi- 
cations, ordnance, Indian department, mili- 
tary pensions, and arrearages prior to the 1st 
January, 1817 - . . . 4,586,352 61 

3d. Naral department - - • 2,420,594 66 



Making an a^regale of - - - - - 88^76,797 21 

But to determine the amount of the charge upon the Treasury for the set- 
vice of that year, the foUowiog additions must be made, viz : 

1st. t^vil, diplomatic, and miscellaneous, the sum of $1,600,000, beinj; an 
amount of appropriations for the preaeotand preceding years unexpended, 
and which may be expended during the year 182L; and the sum of 
$5,477,770 76, payable on account of the interest and reimbursement of the 
principal of (ho public debt during that year. 

2d. The unexpended balances of appropriations for the War Department, 
under the difereni heads already enumerated, and which have been deduct- 
ed from the estimates, or not included in them, (as in the case of revolution- 
ary peostons, because the biUaiice of that appropriation is estimated to be 
equal to the expenditure on that object during the year,) amounting together 
to $2,607,267 63. 

The annual approprifttioo of @200,000for arming the militia, and the 
Indian annuities not embraced by the estimates, amounting to $162,676. 

3d. The annual appropriation of $1,000,000, for the gradual increase of 
the navy, which will expire in the year 1823 ; and an unexpended balance 
on the same account, which may be expended in 1821, of $1,760,000. 

According to the foregoing data, the expenditure of the year 1U21, and 
which is chargeable upon the Treasury during that year, may be estimated 
as follows, viz: 

1st. Civil, diplomatic, and miscellane- 
ous - - - - - $3,269,850 04 

2d. PubUc debt - - - 6,477,777 76 

3d. Military department, including for- 
tifications, ordnance, Indian department, 
military and revolutionary pensions, ar- 
rears prior to the 1st of Jan'yi 1^817, and 
anning the militia, and Indian annuities, 7,445,196 24 

4th. Navy Department, including the 
sum of $1,000,000 for the gradual in- 
crease of the navy - - - 5,170,694 56 

Making no a^egate charge upon the Treasury, for 
the year 1821, of $21,303,41? 60 

To which add the balance against the Treasury on (he 
1st January, 1821 . - - . . 2,638,169 17 



Making ...... $24,001,586 77 

Leaving a balance of $7,451,586 77, beyond the estimated meons, for 
which provision must be made. 

Dig tizedoy Google 



1830.] SECRETARY OP THE TREASURY, 173 

To determine whether a' deficiency lo this or any other amount will oc- 
car in succeeding years, is extremely difficult. The data furnished by the 
fiscal operations of the Government, since the peace, must be principally 
irfied upon, in makinj^ the calculation necessary to arrive at any ^neral 
tesalt upon this subject. 

It haa been ascertained that the nett revenue which has accrued from 
imports and tonnage, from the year 1815 to 1819, inclusive, has amounted 
to $120,260,052 46. If this be dirided by the number of years in which 
itsccraed, the result will be an annual average revenue of $24,053,000. 
Bm the revenue which accrued in 1815 greatly exceeded, not only that of 
any year previous to the war, but that ofany year since that epoch. It is 
tiso admitted that the quantity of produce on hand at the close of the war, 
<^)ecially of cotton and lobacco, considerably exceeded the amount of the 
crop of ihose articles made during the preceding year. The abihty of the 
commanity, therefore, to purchase an increased amount of foreign articles, 
in (be year 1815, e.tceedcd in a corresponding degree that of subsequent 
years. It has also been ascertained thai the importation of foreign articles, 
dnring the present year, has been considerably less than in any year since 
iltt peace. To form an estimate of the average annual revenue which may 
accrue from imports and tonnage, during the next four years, that will ap- 
imiimate towards accuracy, it will be necessary to embrace in the calcula- 
lioD the revenue which accrued from the year 1814 to 1819, inclusive, 
amoaniin? to S1M,51(I,414 05, and that which shall have accrued in the 
yeir 182©, estimated at $14,00<?,000; makin? the aggregate sum of 
$133,510,414 05, which gives the snai of ^19,787,902, as the annual ave- 
r^ revenue for those seven years. 

Other views, derived from the fiscal operations of the Government, will be 
Surad to accord with this result. The average product of the duties upon 
imports and tonnage, which accrued from the year 1801 to 1807, inclusive, 
nny b« stated at 513,640,000 ; and that which accrued Irom the former pe- 
riod to 1813, inclusive, amounted to the annual sum of $11,570,000. 
"file increase of population in the United States has been estimated at 
M per cent, in ten years. If the increase of consumption has corresponded 
"rilh that of population, the revenue of the yenr 1820, according to the re- 
«rfl furnished oy the first seven years, would exceed $20,000,000, and 
TOuld fall but little short of 817,0()0;000, according to the data furnished 
hj the whole period. During the former period, the principal States of 
Borope were involved in wars, which not only gave to our shipfHng the 
[liticipal part of the carrying trade, but created an nnusual demand for 
ewry article of exportation, and greatly enhanced their value. Any estimate 
Saonded upon the average revenue of those years, the duties upon imports 
maainiQg the same^ WQiijld, piost probably, not be realized; but as these 
iabts were considerably increased in 1816, the objections to such an esti- 
»ate are, in some degree, diminished. Trbm the year 1808 to 1813 inclu- 
■K, ttie United States were eqga?ed in a state of commercial or actual 
vniiuia. The .disadvantages to which their commerce was subjected by 
*it warfare more than counterbalance the peculiar advantages it enjoyed 
m tin seven years immediately preceding. An estimate for the next four 
years, jbun4ed upon an average of the whole term, would more probably 
iifl «h«rtof than exceed the sum which would be received intotiie Treas- 
nry, natwithstaadiDg tha fifties were higher during two years of that term 
tbn Bt present. 



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174 RKPORTS OF THE [1820. 

Iq the iavestigatiui of a subject of such complexity, affectiDg so deeply 
the interest of the commuoity, e?ery feet and circumstance connected with 
it ought to be considered. Since the year 1807, new interests have arisen, 
which claim a prominent place in this consideration. From time immemo- 
rial, household manufactures have existed in every part of the United 
States. The mechanical arts — those bnmches of manufecture without which 
society, even in a very imperfect state of civilization, could not exist, thoi]gh 
differing in some degree from those properly denominated household — 
have long existed in the United States. Since the year 18U7, those 
branches ofmanufacture have been greatly extended and improved. Others 
have been established ; and a large amount of capital has t^en invested in 
manufecturing establishments, which promise to futoish, in a short time, 
an ample supply of cotton and woollen manufectures, and most of those of 
iron, glass, and various other articles of great value. 

As commerce has properly been defined to be an exchange of equivalent 
value, it is probable that the failure, on our port, to receive from foreign 
nations the accustomed supply of those articles which can now be produced 
in our domestic establishments, the articles which they have been accus- 
tomed to receive from us will lose something of the value which they 
would otiierwise have commanded, until new channels of intercourse shall 
be discOTOred, and diSerent articles of merchandise shall be substituted for 
thoee formerly received. 

The capacity of a nation to consume foreign articles depends upon the 
value of its expons, and not upon its ability to furnish every article of pri- 
mary or secondary necessity. The precious metals are never imported 
into any country, when commodities which wilt command a profit can he 
obtained for importation. Giving full weight to the feet that cotton, wool- 
len, iron, and various othnr articles which are now furnished by our domes- 
tic establishments, will be here^ter received from foreign nations only to 
a unall amount, $17,000,000 of revenue may be assumen as the minimum, 
and $20,000,000 as the maximum, which will be annually received from 
imports and toimage during the next four years. The decrease which 
has occurred in the revenue, in the last and present yeaxs, furnishes no 
ground to distrust the correctness of the foregoing conclusion. The cuu- 
toms prodiured, in 1815, a nett revenue of $36,306,022 61; in 1816, 
827,484,100 36; and in 1817, $17,524,776 15. This last year was consid- 
ered, at the time, as the period of greatest reaction ; accordingly, in ISlS, 
the nett revenue from the customs amounted to $21,828,451 4U. 

The multiplication of banks, the state of the cutrency, and the high 

fnce which nil exportable articles commanded, until the end of 1S18, strong- 
y invited to extravagance of every kind, and particularly in the consump- 
tion of foreign merchandise. The resources of individuals had been, b}- 
these seductions, in a great degree anticipated, during the first years wlii.:h 
succeeded the peace. The sudden reduction in the value of all export&ble 
articles, which occurred about the commencement of the year 1819, not 
only prevented in a great decree further purchases, but rendered thedis- 
chai^ of engagements previously contracted impracticable. The pressure 
thus pToduced upon the commimity reacted upon the venders oi every 
species of merchandise, whedier foreign or domestic; who, without tho- 
rou^y investigating the cause of their distress, have sought for relief in 
measures calculated rather to aggravate than alleviate the public embarrass- 
ment. 



tizedoy Google 



182a) SECRETARY OF THE TREASURY. 175 

The iasne and payment of a lar^r amount of debcDtnreg, in the present 
year, in proportion to the exportatioos of the last; the iDcimsed amoimt of 
tspede, and diminished amoont of foreign merchandise imported during the 
preKDi year; and th« ready sale of foreign and domestic, articles now in the 
nuket, show that the importation of foreign goods is upon the eve of be- 
ta? r^;uiated by the demand for them for consumption. 

It has been stated that the receipts from the public land, during the year 
1821, cannot be estimated at more than $1,600,000, unless some greater 
incentive to punctuality, or inducement to make prompt payments, should 
be offered by the nieastires which may be adopted in the course of the pre- 
sent session of Congress. The act of the 24th of April lasl^ which abolish- 
ed credit on all purchases of land, and reduced the minimum price from 200 
to 125 cents per acre, furnishes, it is respectfully conceived, equitable 
ground for legislative interference in favor of purchasers tmder the ancient 
system. By that system, the price could be reduced to ll>4 cents an acre, 
by prompt payment. If the act abolishing credit had fixed the minimum 
p-ice at 164 cents, instead of 125 cents, no equitable ground for legislative 
interference would exist. It is not contended that the vender of an article, 
uder ordinary circumstances, does an injury to a purchaser by subsequent- 
ly sdling the same article to others at a lower rale. But if he has in his 
ponession such a quantity of the article sold, as to enable bim, for an iude- 
fiiiite time, to determine the price of the Article, be affects the interest of 
efBry previous purchaser by such reduction, who may be constrained, from 
any canse whatever, to sell that article. The extent of the national d(Hnain 
wA, for Bges, enable the Government to deleimine the price of unimproved 
laod simimriy situated. It is admitted that the Government has been in- 
liuced to adopt this measure by the most grave oonsiderotioas. The most 
pttHninent of these was the necessity of preventing the further increase of 
I debt, then about $32,000,000, strongly afiecUng the interests and feelings 
of a great Dumber of citizens. If its increase was an ot^t of deep solici- 
tude, its diminution, by an act of grace, founded upon equitable prmciples, 
vill be in strict occordasce with the motives in which that measure ongin- 
■ted. Ihfficalties may occur in adjusting the details of such a measure, 
nless it be presented as a ample act of grace. Under this point lA view, 
itihonld be confined in its operation to me debtors of the Government for 
poblic lands, and should affect tbem only to the extent of the debts which 
tbey may respectively owe. 

Daring the excessive circulation of bank notes not convertiUe into specie, 
udto which the Government, from necessity, for some time gave currency, 
■id the high price which every doscription of domestic produce command- 
ed, large quantities of public land were sold at public auction, at prices 
iradly beyond their real value. In many instances, the first payment 
«tich the Government has received cannot be obtained by the purchaser, 
if be was aUe to ewivejr the title in fee simple. The pio^ety of l^Ia- 
tire interfoence to change the relation between debtor and creditor, ibr 
die benefit of either, may well be questioned. Circumstances, however, 
■iy aiiae, which will inffuenee an upright and benevolent creditor to relax 
tog demands, and to grant relief to his debtor voluntarily, which he might 
lesHt as an act of power. Such is respectfully conceived to be the situation 
«r the GovemmeDt in relation to the purchasers of public lands, who, in a 
Bument of in&tuation, hare tnf^igeA (o pay for a portion of the national 
dHoain a sum gnatly beyood its ralae, and which never wiU be paid. 



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176 REPORTS OP THE [1820. 

In all cases of this kind, ihe forfieitnre of Ae sam alrendy advanced will 
inevitably occur, if reliet, to some extent, is uot gnmled 

In conformity with tiie forgoing views, the following propositions for 
the relief of the pnrcfaasen of public lands, and for the porpose of increas- 
ing the pajnneDts into the Tieasary in Ihe ensuing year, are respectfully 
submilted, viz: 

1st. Tliat every purchaser of public land be permitted, on or before the 
30th of September next, to abandon any legal subdivision uf his purchase ; 
and that the payments tnade upon the part abandoned be applied to the dis- 
charge of the instalments due upon the remainder ; the right to abandon io 
no case to involve any repayment by the Government to any purchaser. 
In all cases, the part retained to be in the most compact form that the sitaa- 
tion of the whole quantity purchased will permit. 

2d. The difletence between the former and present minimum price, for 
cash payments, being equal to 23.78 per cent, on the former, it is respect- 
fully proposed that, on payment of the whole porchase money for any tract 
of land, on or before the 30th day of September next, a deduction of 26 
percent, shall be made; and that any interest which may have accrued to 
the United States, in such cases, be remitted. An act of greater liberality, 
uid which would still further increase the receipts into the Treasury, duriDg 
the next year, would be to nllow a deduction of 37^ per cent, on alt sucn 
payments ; which is equal to the difference between 200 and 126 cants. 

3d. That all sums which may be due by purchasers of public lands who 
shall not avail ihemst^lves of the preceding conditions, shall be payable in 
ten equal annual instalments, without interest; provided snch payments ^all 
be punctually made upon the several days in each successive year upon 
which the purchases were respectively made. And fiulure in making such 
payment to revive the original terms and conditions of sale. 

If these or analogous provisions should be adopted, the payments from 
the public lands, during the year 1831, will be greatly increased ; the debt 
due on that account greatly diminished ; and the revenue resulting from 
that source acquire, in future years, a more uniform character. 
' If. then, it be assumed that the revenue which will accrue from the cus- 
toms will be equal to the mean sum between seventeen millions and twen- 
ty millions of dollars, the annnal revenue for the four succeeding years may 
be estimated as follows, viz : 

Customs ...... ^18,500,000 OC 

Public land --...- 2,600,IX)0 GO 

Bank divklends, at 6 per cent. - - - 420,000 0(] 

Incidental receipts . - > - . 80,0t)O 0(J 

Making an aggT^;&te amount of - - $21,500,000 OC 

Bot if the ajinaal receipts from the customs shall be stimated for tfa« 
next four yearn at theavetage sum of $17,000,000, the annual revenue fo 
that period will be equal to ^000,000. 

The Muiual expenditure for (he same period maybe estimated as folio we 
viz: 

Civil, diplomatic, and miscellaneous - • $2,000,000 0< 

Pnblicdebt 6,477,000 O 

War Department, including fbrtificatioiis, ordnance, 
IndisQ dapartmeat, tnutary and levoInlioDary 



tizedoy Google 



SECRKTARY OP THE TREASURY. 177 

IS, arming ihe mililia, and arrears prior to the 1st 
of January, 1817 ..... $5,850,000 00 

Ntral department, including $1,000,000 for the perma- 
neot iucroase of the navy .... 3,430,000 00 

Making the aggregate amount of. - - . $16,747,0 00 00 

Tho balance of the sinking fund, after paying the interest of the funded 
debt, and providing for the annual reimbursement of the six pet cent de- 
ferred stock, has not, in this estimate, been considered as a charge upon the 
IVeasury before the year 1825, as the price of the public stocks preclude 
the possibility of purchase within the rates prescribed by law. 

This estimate is below that which is required for the year 1821 ; but i( is 
not believed to be less than the annual expenditure which will be required 
for the next four years. According to this estimate, the means will exceed 
Sk indispensable expenditure during that period $3,253,000. 

After the year 1823, the annual expenditure npon the navy will be di- 
minished by $1,000,000. 

The expenditure of the Government after that year, including the entire 
q^iroprtatiOQ for the public debt, is estimated as follows, viz : 
ttril, diplomatic, and miscellaneous - - ' - $2,000,000 00 

Public debt 10,000,000 00 

Military department, including fortifications, ordnance, In- 
dian department, military and revolutionary pensions, 
arming the militia, and arrearages prior to the 1st of 

January, 1817 5,850,000 00 

Haval department .... - 2,420,000 00 

Making the aggregate amount of . - $2 0,270,000 00 

Which, after the year 1824, would leave an annuM deficit of $270,000. 

If this ram should not be met by the annuel increase of revenne, result- 
ii^^ fram the increase of population daring those and succeeding years, and 
the iDcruaaed consumption of foreign articles resulting iFiere^m, it may 
be supplied by a corresponding reduction in those items of expenditore 
^lich depend absolut^y upon the will of the Le^is^re, unconnected with 
the existing laws regulating the permanent expen^tnre. 

It is, therefore, respectfuQy submitted that it is inexpedient to resort, at ' 
tfais time, to the impoation of additional taxes upon the community. 

The condition of the currency in severaf of the States of the Union fnr- 
nisbes strong iodncements to abstain from additional taxation at this time. 
Hie obligation of the GoveromeDt to receive the cotes of the Bank of the 
Ciuled States, without reference to the place where they are payable, has 
|ireB to tbem their universal currency. All note* issued couth and westof 
ttii^ (Wsahington,) have, in consequence (rfthe slate of exchange between 
Aose [riaces and the commercial cities to the east of this place, centred in 
Aoee cities. The bank has, consequently, found itself constrained to direct 
riiose branches to reflee to ^ue their notes, even upon a deposite of specie. 
The effect of these causes combined has been the exclusion from circulation, 
a all States west and south of the seat of Government, of the notes of the 
Bank of the United States and its offices. In several of those States there 
ii no aoand paper circulation. To resort to internal taxation, under soeb 
drcumstinces, would be to require of the citizens of those Stales what will 
Vot. II.— 12 



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178 REPORTS OF THE [1820. 

be impossiblo for them to peiform. Wherever paper circnlates as money, 
wiiicli is not convertible into specie, it circulates to the exclusion of specie, 
and of paper which is convertible into gold and silver coin. In all such 
places, the payment of direct or iuternaL taxes in specie, or in the notes of 
the Bank of the United States, wilL be impracticable. Preliminary to a re- 
sort to internal taxation of any kind, the charter of the Bank of the United 
States ought to be amended so as to make the bills of all the offices of the 
bank, except that at the seat of Goveminenl, receivable only in the States 
where they are made payable, and in the Stales and Territories where no 
office is established. 

The effect of this modification will be, to make the notes of the offices of 
the bank, except the office in this District, a local currency, which will 
enter and continue in the local circulation of the States in wluch they are 
issued. 

The notes thus issued will render the local circulation of all the States 
sound, and furnish to the citizens the means of discharging their contribu- 
tions to the Government, This measure will also place uie State institu- 
tions; to the south and west of this city, in a more eligible sit nation, in rela- 
tion to the offices of the Bank of the United States, by enabling them to 
adjust their accounts with these offices by the exchange of notes, instead of 
liquidating their balances by the payment of specie. 

Should it, however, be judged expedient by the Legislature to loy addi- 
tional burdens upon the people, for the purpose of meeting the existing or 
any probable future deficiency, it is resneclfully submitted iJiat the importa- 
tion of foreign spirits be prohibited, and that a duty upon domestic spirits, 
equal to the amount of that now collected upon foreign spirits, and to sucb 
deficiency, be imposed on the distillation and sale of domestic spirits. 

In any event, a resort to loans, to the extent of the deficiency of the year 
1821, will be indispensable. 

Of the snm of $3,000,000, authorized by the act of the 15th of May last, 
to be raised by loan, $2,000,000 have been obtamed at a preminm of two per 
cent upon stock bearing interest at the rate of six per cent per annum, 
redeemable at the will of the Government ; and $1,000,000 at par, upon 
stock bearing interest at the rate of five per cent, per annum, rodetunable at 
any time after the 1st day of January, 1833. There is no just reason to 
doubt that any sum which may be necessary to be raised by loan, can be 
oMained upon terms not leas favorable ; but as it is probable that the surplus 
of the revenue, after satisfying all the demands upon the Treasury, author- 
izBd by existing loans, daring the years 1832, 1823, and 1824, will be equal 
to the redemption of any debt which n«y be contracted in 1821, it is re- 
speotfully submitted that the President of the United Stales be authoriaed 
to borrow, from the Bank of the United States, or from other banks, or in- 
dividuals, the sum which may be necessary for the service of that year, at 
par, aad at a rate of interest not exceeding six per cent per annum, redeem- 
able at the will of the QovBmnent. 

All which is reqwctfuUy lubmiued. 

WM. H. CRAWFtmo. 

Tbbasuby Departkbwt, Deeember 1, 1820. 



tizedoy Google 



1820.] 



SECRETARY OF THE TREASURY. 







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t,i.a,Google 



EEPORTS OF THE 
STATEMENT A.— Continued. 



[1839. 



A STATEMENT exhibiting the value and quataUi£s, respectively, of 
merchandise on vihich duties actually accrued durivg the yeor Ibiy, 
(consisting of the difference between articles paying rfw(y, imported, and 
those entUled to drawback, re-exported;) and, also, of the nelt rsvemie 
which accrued, that year, from duties on merchandue, tonnage, pass- 
ports, and clearances. 



MHCHANMSE P»TWa DUTIB* ID TAUOREM. 



S1,6T9,384 
13,971,593 ■ 
5,9T9,T36 
16,355,698 
11,315 



1,8 



5,543 



S135,94C 98 

2,095,738 95 

1,195,947 33 

1,083,924 43 

3,064 13 

504,719 79 

1,801 05 



4. Sogar, 

b. mt. 



1 ,%5,36G ^(ms, U 40.37 a 
4,477,628 1b, 43.75 

i, 11,910,729 do. 5 

5,480,884 pounJi, 31.70 



- 1,M9,126 13 

• 505,536 45 

- 1,737,450 09 

- 1,041,393 45 

• 3,181,703 29 
595, 1T2 40 



WranUlw' .... - .1.014.68129 



Dedoci doties refunded, afier deduning iheiufrom duties <m merchandise, 
the panicolsrs of which could not be ascertaintd, »nd di&rence in calcu- 
lUion .--------- 



Two and a half per r*nt. retained on drawback - - 993,711 77 
EilraduWofteiipercoil,oiimerehaiidiieioipoitediikf(«ign 

vessels ----"'"■ 50,505 at 

Interest ind storage ■ ^'.6" ^"^ 



Hettamooiii of duties on merchandise - 

Duties on lonnage 

Light money . . - - 

pusporU.and cleuaoees 



Melt rerenne, per Matement A ■ 



17,707,900 54 
113,993 3fr 



tizedoy Google 



1820.J 



SECRETARY OF THE TREASURY. 
Explanatory StatemenU and NoUt. 



I Wines— 












Madeira 


188^7 gallons, at 


100 ceub 


8188,367 


Burgundy Champagne, Ac 
Claret, iu boides 


5,797 


do. 


100 


do. 


5,797 00 


31,761 


do. 


70 


do. 


15,332 70 


Clarcl, in bolltes ■ 


23,503 


do. 


30 


do. 


7,050 90 


Sherry and St. Locar, Ac. 


21,466 


do. 


60 


do. 


13,880 80 


Lisbon, Oporw, 4c. 


138,494 


do. 


SO 


do. 


61,847 00 


Tenerifie, Fayal, Ac, 


378,3lS 


do. 


40 


do. 


111,337 30 


AU other - 


138,853 


do. 


35 


do. 


34,713 86 


All other - 


44S,§05 
1,356,866 


do. 
do. - 


15 


do. 


. 67,330 75 




506,836 60 


i. Spiiiis— 












Grain, Isl proof 


483,033 Eallons, a! 


43 


cents 


303,873 44 


Stt do. 


4SI,3T7 


do. 


45 


da 


19,066 05 


4lli do. 


6,7U 


do. 


53 


do. 


3,971 38 


5th do. 




5,907 


do. 


60 


do. 


3,544 30 


Otker.lBASddo. 




644,685 


do. 


38 


da 


344,980 30 


3d do. 






do. 


«i 


do. 


681,843 38 


4th do. 






do. 


48 


do. 


798,713 39 


Sih do. 






do. 


57 


do. 


3,555 09 


AtwTelMh io. 


8,856 


do. 


TO 


da 


1,579 30 




4,477,ea8 


da ■ 






1,959,125 IS 


1 T««- 




Bohea 


961,7M pounds, at 


13 




31,404 00 


SoQchoag - 


I,38i,6S3 


do. 


35 


do. 


345,658 35 


Imperial - 


M6,0e9 


do. 


50 


do. 


117,544 SO 


Hjam and yoong hyson 


1,958,067 


do. 


40 


do. 


783,336 80 


Hysoa skin and oUwr green 


1,646,331 


do. 


38 


do. 


460,944 68 




B,48S,720 


do. - 






1,738,778 23 


DediHt exportation over im 












portatioo^iyMn 


a.836 
5,480,884 


do. 
do. - 


56 


do. 


1,588 IS 




1,737,190 07 


Add eitrt dnty on uat im 












noned from other places 












than China 


5^^ 


do. - 






360 03 




1,737,460 09 


' 'T^T. - . 


68,491,275 


pounds, at 


3 


cenia 


3,054,738 » 


■While 


3,n4;i36 
71.665,401 


do. 

do. - 


4 


do. 


126,965 04 




8,181,703 37 




- 3 833,410 at 


90 


cenbt 




i. Salt— 

Imporied, bodiek 


7B4,6»00 


Eaported - 


13,048 










Bonniiei and aUovaoces 












reduced imo bnsheb 
















847,548 at 


30 




169,600 60 


















2'I».B63 






595,173 40 



t,i.a,Google 



REPORTS OP THE 
Explanatory Statement* and Notes — Cootinued. 









Rale 




6. AlIoiheraiticl«s,Tii: 




auantity. 


of 
dwy. 


Dutr. 








ftST 




Dock,RiiKia - , . . 


pieces 


16.531 


300 


9ii.m 00 


RaTens . . , . 


do. 


13,051 


135 


1«,SI3 75 


Hollwid .... 


do. 


1,555 


160 


3,«e7 60 


Sheeting, brown Rossis 


do- 


3,861 


250 


6,177 60 


vhile do. - . • 


do. 


176 


950 


437 50 


Beer, ale, and porter, in bottles 


galltois 


136,671 


16 


30.500 66 


'incMto 


do. 


15,552 


10 


1,555 SO 


Oil, spennaceii .... 


do. 


3 


35 


76 


whale and other fish 


do. 


1,114 


15 


167 10 


olive . , . . 


do. 


16,196 


35 


4,199 00 


Cocoa .... 


pooQds 


643,316 


3 


12,866 30 


OhocolWe .... 


'da 


4,063 


3 


13159 


aaett,aaidj .... 


da 


3,306 


19 


384 78 


loaf 


do. 


3,08S 


19 


349 84 


other refined, and Inmp 


do. 


956 


10 


95 60 


Almonds - - . 


do. 


634,561 


S 


19,006 63 


Frate, carranis .... 


do. 


167,48S 


3 


6,094 64 


prunes and plums - . - 


do. 


333,401 


3 


9,703 03 


do. 


319,671 


3 


9,590 13 


taiaina,muEc«eI 


do. 


913,358 


3 


27,3m 74 


olher - - . . 


do. 


1,625,448 


9 


32,508 9« 


Candles, lallow .... 


do. 


4,186 


3 


126 5S 


wax, or spermaceii 


do. 


441 


e 


26 4( 


Cheese ' '^. . . . 


do. 


79,433 


9 


7,148 0- 


Ta'Sfw '.'.'.'. 


do. 


144,888 


3 


4,346 64 


do. 


369,368 


1 


3,693 6E 


Spice, mace .... 


do. 


7933 


100 


7,233 0< 


nutmegs .... 


do. 


30,516 


60 


18,309 61 




do. 




35 


1,084 51 




do. 


31,907 


96 


5,476 T 


pepper .... 


da 


691,449 


8 


47,315 31 


piSenlo .... 


do. 


333,190 


6 


14,023 91 


bssia .... 


do. 


250,871 


6 


16,053 a 


Tobacco, manufactured, other than anufl", Ac. 


do. 


3,397 


10 


3997 


Snuff .... 


do. 


65,99fi 


19 


6,635 


bldisD .... 


do. 


313,968 


15 


47,093 6 


Gonpowder .... 


do. 


10,515 


8 


841 a 


Biisties . . , , 


do. 


43,430 


3 


1,979 9 


Glue .... 


do. 


45,930 


6 


3,296 


Pain B, ochre, dry .... 


do. 


218.2*9 


1 


3,783 4 


ochre, in oil - . . - 


do. 


51,758 


It 


776 a 


while and red lead - 


do. 


1,634,179 


3 


48,72& 


white and red lead . 


do. 


36 


9 


• c 


whiting, and Parii white . 
Lead, bar and sheet - - ' . 


do. 


139,507 


1 


1,395 


do. 


770,749 


1 


7,707 


mannfactnres of, and shot 


do. 


1,118,179 


3 


92,943 


Cordage, tarred, and cables 


do. 


14,430 


3 


433 


uniartEd, and yam 
twine, seines, 4c. 


do. 


48,637 


4 


t,945 


do. 


877,496 


4 


15,099 


Copper, rods and bolls 


do. 


71,869 


4 


a; 874 


nails and spikes ... 
Wire, iron and steel, not above No. 18 


do. 


19,196 


4 


767 


do. 


397,033 


5 


I4,B61 


iron and steel, above No. 18 


do. 


13,445 


9 


i.iao 


Iron tacks, brads, Ac. not above 16 oz. per M. 


do. 


19,381 


6 


969 


lacks, brads, Ac. above 16 oi. - 


do. 


1,759 


4 


70 


nails 


do. 


364,563 


4 


14,583 


spif^ 


do. 


165,096 


3 


4,9fi0 


spikes 


do. 


653 


a 


13 


anchora ..... 


do. 


906,370 


s 


4,107 



t,i.a,G00glc 



1820.J 



SECRETAKV OF THE TKEASHRY. 
Explanaiory Statements and Notes — CoDtinued. 









Rate 




6. All other srtielM— coniinned. 




Onantitf. 


of 
duty. 


Dntr- 








ant!. 




Iron, pig- . . - , 


CWl 


6,«3i 


50 


(3,317 00 


eastings - . - - 


do. 


19,099 


75 


14,324 25 


bar and bol^ rolled 


do. 


51,290 


160 


76,935 00 


hammeted - 


do. 


324,833 


75 


213,(134 00 


da 


do. 


lit 


45 


49 95 


sheet, rod, and hoop 


do. 


18,315 


aw 


45,787 50 


Sleel - 




do. 


8,461 


100 


8.46100 


Hemp - 




do. 


51,157 


150 


76,735 50 


Alum - 




do. 


8,961 


SDO 


5,121 87 


Copperas 




do. 


91 


100 


2100 


cJ^ - 




bushels 


787,077 


5 


39,353 85 


Fish, dried or smoked 




qui Dials 
barrels 


586 


100 


586 00 


salmon, picUcd 




1,606 


900 


3,312 00 




do. 


1,169 


150 


1,753 50 


other 




do. 


S83 


100 


383 00 


Glass, boules, black qoart 

window, not aJove 8 by 10 - 


gross 


13,184 


144 


18,984 96 


lOOsq.fl- 


5,57S 


250 


13,940 00 




dS. 


9,993 


are 


8,331 75 


above 10 bj 12 - 


do. 


3,843 


3S5 


13,486 50 


Boots 


pairs 


1,569 


150 


3,353 50 


Shoes and slippBR, silk - 


■do. 


4:653 


30 


1,395 90 


leather, men's, Ae. 


do. 


31,106 


95 


7,776 60 


children's - 


do. 


8.433 


15 


1.364 80 


Segars ----- 


M. 


11,451 


250 


28,627 50 


Cards 


packi 


5,495 


30 


1,637 50 




1,146,137 36 


Deduct eicesa of eiportalions OTer importa 


OOS,Viz: 








On cotton, 4,382,757 ponnds, at 3 cents V 




8I31,4M7I 






nails, 1,113 pounds, at 3 cents - 




33 36 


- 


131,516 07 










81,014,621 39 



Treasury Department, 

Register's Office, November 11, 1820. 

JOSEPH NOURSE, Register. 



tizedoy Google 



184 REPORTS OF THE [1820. 

R 

STATEMENT of wwiieya received into the TVeaaunf, from iniemal 
duiies and other objects, during the year ltil9. 

From anears of internal duties, (new) - - - $227,444 01 
new direct tnx - ... 80,85061 
old iiiterji»l duties - - $3,149 62 
old direct tax - - 2,800 17 
postages of letters - - - 71 32 
fees OD letters patent - - - 3,060, 00 
cents and half cents coined at the mint 33,535 00 
fines, penalties, and forfeitures - - 2,120 89 
nett proceeds of prizes captured by pub- 
lic &rmed vessels - - - 8 62 
sale of vessels on Lake Champlain - 7,601 00 
surplus proceeds of property sold for di- 
rect tax of 1815 - - - 126 40 
surplus proceeds of property sold for di- 
rect tax of 1816 - ' - 2,568 68 
interest on balances due by banks to tlie 
United States - - - 2,249 83 



first instalment payable by the Bank of the United 

States - - - ... 500,000 00 

dividend on stock in the Bonk of the Uoited States 176,000 00 



$1,044,674 96 



TitEisoRT Department, 

Register's Office, November 30, 1820. 

JOSEPH NOURSE, Hegister. 



tizedoyGOOJ^If 



1820.J SECRETARY OF THE TREASURY. 



No. 1. 

fiTATBMENT of the debt of the United Stales, Ul Octobir, 18!9. 

Defened six per cent, stock, (uDredecmecl 

uDoanl) .... $2,805,084 36 

Three per cent. do. - - 13,-;95,915 44 

Looisiaoasixpercent.do. - - 4,818,279 93 

& per cent, of 1796 do. - - 80,000 00 

Exchanged 6 per cenl. do. • - 2,668,974 99 



Six pa cent, stock of ]812, (loan of 11 

miilioDs) .... 6,187,006 84 
%x per cent, stock of 1813, (loan of 16 

miUions) .... 16,621,136 45 
Six per cent, slock of 1613, (loan of 71 

mUlioDs) - . - 6,836,232 39 

Six per cent, stock of 1814, (loan of 26 

md 3 miltioQs) - . . 13,011,437 63 

Six per cent, stock of 1816, (loan of 

$18,452,800) .... 9,490,099 10 
Tieasory note six per cent, stock - 1,419,125 61 

Treasury note seven per cent, stock - 8,695,^8 27 
?m per cent, stock, (subscription (o Bank 

United States) • - - 7,000,000 00 



$23,668,254 71 



68,060,336 29 

Amount, 1st October, 1819, $91,728,591 00 

Tbejsurt Department, 

Register's OMce, Novanher 10, 1820. 

JOSEPH NOURSE, Rtgtster. 



tizedoy Google 



186 REPORTS OF THE [18a). 

No. 2. 

STATEMENT of the dtbt of the United States, on the let of January, 

1820. 



Deferred six per cent, slock, (unredeemed 






amoiiat) . - - . 


82,563,020 89 




Three per cent stock 


13,295,916 44 




Louisiana six per cent, stock 


2,216,408 78 




Six per cent, stock of 1796 

Exchanged six per cent stock of 1812 - 


80,000 00 




2,668,974 99 








020,824,320 10 


Six per cent, stock of 1812, loan of 11 
millions . . - - 






6,187,006 84 




Six per cent, stock of 1813, loan of 16 
, millions .... 






15,521,136 46 




Six per cent, stock of 1813, loan of 7^ 






nullioQs . . . - 


6,836,232 39 




Six per cent, stock of 1814, loan of 25 






and 3 millions 


13,011,437 63 




Six per ceotstock of 1815 


9,490,099 10 




Treasury note six per cent stock 


1,424,471 79 




Treasury note seven per cent, stock 
Five per cent, stock, (subscription to 


8,604,629 27 








Bank United States) - 


7,000,000 00 


68,076,013 47 


Amount, 1st January, 1820 - 


«88,899,333 67 


Unredeemed amount, 1st January, 1819 




92,648,177 35 


Add slock issued in 1819: 






Viz. 






Three per cent, stock - 


t304 68 




Treasury note six per cent, stock, (see 






a,No.2o) . . . - 


37,348 09 




Treasury note seven per cent, stock, (see 






6,No.2i.) . . - . 


13,160 00 


60,812 77 
»92,698,990 12 



Deductstock purchased and reimbursed 

in 1819. Purchased as per statement 

No. 4, acconapanyiag the report of the 

10th December, 1819 - - ni,95r 55 

Reimbursed Louisiana stock on the 21st 

October, 1819 - - - 2,601371 14 

Deferred stock in 1819 • - - 4S6,8Z7 66 

3,799,656 55 



As above, 1st January, 1820 |>88,899^33 ST 

TREAsnBT Department, 

Regiata'a Office^ NovemberYU, 1830. 

JOSEPH NOUKSE, Register. 



Goo^^lc 



SECRETARY OF THE TREASURY. 



STATEMENT exhibiting the total amount of the six and seven per 
cent. "XVeasury note stocks, issued to the Z\at Decetnber, 1819. 



ilwtil office usaed. 


Sii per cent. 


Seven per cent. 


Treasury 


- 67,938 62 


201,667 00 


New Hajnpehire 


- 63,110 13 


131,731 00 


Massachusetls 


- 604,669 83 


. 3,041,492 00 


Bhode Island 


- 11,628 78 - 


163,122 00 


Gonnecticut 




79,499 00 


N™ York - 


. 369,744 36 


. 4,726,989 00 


Pennsytrania 




701,447 00 


Delaware - 


940 00 




Msiylaod - 


- 47,988 66 - 


17,140 00 


Tiipnia - 




1,866 00 


North Carolina 


8,766 92 


1,180 00 


Sonth Carolina 


- 286,306 92 


8,166 00 


Georgia 


- 107,617 43 


3,880 00 




1,448,791 44 


9,068,069 OO 


Dedact 80 mucb thereof in- 




daded in the statement of the 




iaided debt to 1st 


January, 




1819 


- 1,411,143 35 


- 9,054,909 OO 


• 


a »37,348 09 


b $13,160 OO 



TREABtTBT DbPABTHENT, 

Registtr's OMce, November 10, 1820. 

JOSEPH NOURSE, Register. 



tizedoy Google 



188 REPORTS OP THB [18211. 

Na3. 

ESTIifA TE of the funded debl of the UmUd SlaUa, \sl Oatbtr, 1820. 

Deferred stock, (unredeemed amotint) 93,309.258 25 

Three per cent. . - 13,295,946 44 

Louisiaiia .... 2,216,408 78 

Sii per cent, of 1796 . - 80,000 00 

Exehiinged sii per cent, ot 1812 . 2,668,974 99 



$20,570,588 46 



Sixpercent.ofl812,(loanofllmilUons) $6,187,006 84 
Six percent, of 1813, 16 do.- 15,621,136 46 

Six per cent, of 1813, 7j do.. 6,836,232 39 

Sir per cent, of 1814, 26&3do.- 13,011,437 63 
Six per cent.of 1816, - . 9,490,099 10 

Treasury note six per cent. - . 1,458,473 60 

Treasury note seven per cent. . 8,605,116 27 

Five per cent stuck, (subscription to 

Bank of United States) . . 7,000,000 00 

Six per cent stock of 1820 . . 2,000,000 00 

Five per cent, stock of 1820 . . 1,000,000 OO 

71,109,602 18 

$91,6 80,090 64 

Amount as stated Ist January. 1820 . . $8^899,333 67 

Add stock issued in the first three qttarters of 1820 : 
Three per cent stock, for interest on old 
registered debt .... $61 48 

Treasury note six per cent, stock . . 34,001 71 

Treasury note seven per cent, stock . 487 00 



Loan, per act of 15th May, 
1820, whereof at six per ct. $2,000,000 00 
At five per cent. . 546,431 47 



$34,660 19 
2,545,431 47 



2,579,981 66 



$91,479,315 23 
lleduct reimbursement of deferred stock $253,752 78 
stock purchased, (a) 40 34 

253,793 IS 



As above, 1st October, 1820 .... $91,225,522 11 
Add residue of loan of 15th May, 1820, at five per cent. 454,5t>7 6f 

$91,680,089 7; 



t,i.a,Google 



ISaa) SECRETARY OP THE TREASURY. 

D edact stoctc reimbursable in tlie fourth quarter of 1820 : 

Besidae of Louisiana six per cent., 
aist October, 1820 - - - $2,216,408 78 

Reimbursement of deferred stock - 249,444 16 



$2,465,862 94 

AroouDt, 1st January, 1321 $89,214,236 83 

(a) Purchased ofWilliamLyon, of Connecticut, ^1 26, 
deferred, at 3I.M2 per cent. - - - - - $9 86 

$46 89, three per cent, at 6S per cent. - - - 30 48 



TsEASURT Depakthent, 

Rtgiater'a OMce, November 10, 1820. 

JOSEPH NOURSE, Register. 



ESTIMA TH of the amount of Treasury notes outstanding, 1st Oc- 
tiAer, 1620. 

Total amouDt issued, (as per No. 6 of last report,) - $36,680,794 

Whereof there has been reported on by the First Auditor, 
1! Mncelted - $36,208,747 

In his office, to be reported on : 
Received for six percent, stock, issued at the 

Treasury, to 30th September, 1820 - $40,130 
New Hampshire, 30th June, do. - 2,220 
MassachnseUs, do. do. - 104,020 

Rhode Island, SIst March, 1819 3^ 

New York, 30th June, 1820 - - 31,680 

Maryland, 3 1st March, 1819 - - 43,340 

Tirginia, 30th June, 1820 - - 100 

Soath Carolina, do. do. - • 16,100 

GeoTEia, 31st December, 1817 - - 98,000 

$338,860 

Received for seven per cenL stock issned at 
Nev York, to 30th June, 1820 -- 2,348 

Sooth Carolina, 30th June, 1818 - 168 

Georgia, 31st Match, 1617 - 3,890 



by the Branch Bank at Richmond 40 



ia the ftaoch Bank at WashingtOD, small notes to 
Asanwantof . - - . . 2,101 

Odier notes, iacludinf; interest $103,323 67 
Deduct ««timaM for interest 6,323 67 

97,000 

Id the Coioa Bank, New Hampshire, small notes 4 



99,105 

tizedoy Google 



190 REPORTS OF THE [1820. 

Estimated balance outstanding 1st October, 1820 : 

In small notes - ... - $4,096 

Others ..... 23,560 

$27,656 



Treasury Department, 

Register's Office, November 10, 1820. 

JOSEPH NOURSE, RtgiaUr. 

No. 5. 

STATEMENT of the stock issued under the ad of Congress entilUd 
" An act supplementary to the act entitled An act for the indemni^fica- 
tion of certain claimants ofpubliclands in the Mississippi Territory,^ 
passed on the 3d of March, 1815. 

Amount of claims awarded, per No. 6 of last report - $4,282,161 12^ 
Amount of certificates issued, per do. $4,273,650 17^ 
Amount of certificates issued since - 5,814 01 



Total issued 4,279,364 l^ 
Amount of certificates to be issued - 3,786 04 

$ 4,282,1 51 12^ 

Amountof certificates issued, brought down, $ 4,279,3 64 18^ 

Amount paid in for lands, to the 30lh September, 1819, 
per statement C of last year - - $2,372,574 31* 

Amount paid in since - - 66,733 99f 

Total paid in for lands to the 30th Sep- 
tember, 1820 - - 2,439,308 31 

Amount of sixty-six per cent., paid at the Treasury, on 
$1,731,635 69, from the 15th May to 30th September, 
1820 ---.... 1,142,879 55 

Outstanding, 30lh September, 1820 : 

This sum, upon whidi the 66 per cent, 
has not been paid - - - $108,420 181 

Thirty-four per cent, on $1,731,635 69 688,768 14 

697,176 324 

Amount issued, a^abore 4,279,364 18^ 
Amouat to be issued - 3,786 94 



Total awards - $ 4,882,151 12^ 

Treasvrt Departmbht, 

Register's' Office, Nmemb&r 10, 1880. 

JOSEPH NOUHSE, Regiater. 

Dig tizedoy Google 



SECRETARV 

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1820.] SEORETABY OP THE TREASURY. 



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REPORTS OP THE [1821. 



REPORT ON THE FINANCES. 

DECEMBER, 1821. 



In obedience to the direclions of the "Act supplementary to the act t© 
estabhsh the Treasury Department," the Secretary of the Treastiry re- 
spectfully submits the following report. 

I. OP THE REVENUE. 

The nett revenue aiising frpm imports and tonnage, internal duties, 
direct tax, public lands, postage, and other incidental receipts, durinir the 
yenr 1818, amounted to - - - - - $26,095,200 65 

Viz. 
Customs, (see statement A) - - $21,828,451 48 

Arrears of internal duties - - 947,946 33 

Arrears of direct tax - - - 263,926 01 

Public lands, exclusive of Mississippi 

stock .... 2,464,527 90 

Dividend on slock in the Bank of the 

United States - - - 525,000 00 

Postage, and other incidental receipts - 66,348 93 



That which accnied from the same sources, during 
the year 1819, amounted to ... 21,435,700 69 

Viz. 
Customs, (see statement A) - - $17,116,702 96 

Arrears oi^ internal duties - - 227,444 01 

Arrears of direct Ux - - - 80,850 61 

Public lands, exclusive of Mississippi 

slock .... 3,274,422 78 

First inslalroeni from the Bank of the U. S., 

and dividend on stock in that bank - 675,000 00 
Postage, and other incidental receipts - 61,280 33 



And that which accrued from the same sources, during 
the year 1820, amounted to - - - - 

Viz. 
Customs, (see statement A) - • $1^449,556 15 

Arrears of internal duties, (see statement 

B) 104,172 07 

Arrears of direct tax, [see statement B) - 31,286 82 

Public lands, exclusive of Mississippi 

stock, (see statement C) - - 1,635,87161 

Second and third instalments from the 

Bank of the United States - - 1,000,000 00 



t,zec.y Google 



1821.J SECRETARY OP THE TREASURY. 

Postage, and other incidenlal leceipts, 
(see statement B) . . - 963,6(»9 6d 



It is estimated that the 
gross amount of duties 
Ml merchaadise and ton- 
nage, which accrued du- 
liiig the first three quar- 
Iks of the present year, 
exceeds - - $14,088,000 00 

The payments into the Treasury to the 
30di September last, have amounted to - $16,219,197 70 
Yiz: 

Costoms - ■ f 10,068,394 85 

Public landsjexchisire 
of Mississippi stock - 940,980 36 

Arrears of internal du- 
lea and direct tax - 69,867 26 

Bank dividends - 105,000 00 

Incidental receipts - 21,581 51 

Repayments ■ - 13,373 73 

Loan - - 5,000,000 00 



And the pajmients into the Treasury, 
during the fourth quarter are estimated at ^696,278 14 
Viz: 

Customs - . $3,000,000 00 

Public lands - - 360,000 00 

Moneys recovered out 
of advances made in the 
War Department, before 
Ae 1st of July, 1815 - 120,000 00 

Balances of military 
q^opriations carried to 
the account mt the sur- 
phis fund - 90,278 11 

Direct tax aad inter- 
nal duties, and iucidenlal 
receipts - - 25,000 00 



Making the total amount estimated to be received into 
e Treasury during the year 1821 - - - j 

Which added to the balance in the Treasury on the 1st 



Make the a^regale amount of - $21,012,937 06 
The application of this sum for the year 1821, is esti- 
maled as follows, viz : 

The payments to the 30th September 
bkve amounted to - - - $15,665,288 47 

Viz: 
Civil, diplomatic, and 
miscellaneous - - $1,772,717 30 



tizedoy Google 



an REPORTS OF THE [1821. 

Military service,inclu- 
ding fortificatioDB, ord' 
nance, Indian depart- 
ment, revoiutioaary and 
military penaioos, arm- 
ing the militia, and ar- 
rearages prior to the 1st 
of January, 1817 - «4,872,865 78 

Naval service, includ- 
ing the gradual increoae 
of the navy - - 2,603,592 76 

Public debt, includiog 
$691,611 30 of Missis- 
sippi stock - - 6,406,112 64 

i 

During the fourth quarter it is esti- - . 

mated that the payments will amount to - $3,580,0U0 00 
Viz: 

Civil, diplomatic, and 
miscellaneoiis - - $690,000 00 

Military service - 290,000 00 

Navai service • 700,000 00 

Public debt - - 1,900,000 00 



Mnkioff the aggregate amount of - - $19,235^8 47 

Which being deducted from the above sum of 
$21,012,937 05, will leave in the Treasury on the 1st day 
o( Jantiary nex^ a balance estimated at - - - g 1.777,64 8 68 

But of the balances of approprintions for the service of the year 1821, 
necessaty to effect the object of those appropriations, exclusive nf balances 
which will not be required, and which have beeti deducted from the 
estimates of the year 1822, or will be carried to the account of the surplus 
fund, there remains the sum of $2,268,611 28, which is an existing charge 
upon the revenue of I82I, and exceeds the balance estimated to be in t£e 
Treasury, on (he Isl day of January next, by $490,962 70. 

II. OF THE PUBLIC DEBT. 

The funded debt which was contracted belbre the year 

1812, and which was unredeemed on the 30th of Septem- 
ber, 1820, as appears by statement No. 1, amounted to - $20,670,627 12 

And that contracted subsequently to the 1st of January, 

1813, and unredeemed on the 30th of September, 182U, 

amounted, as appears by the same statement, to - - 70,654,933 65 



Making the agcr^te amount of - - $91,226,660 77 

Which snm agrees with the amount stated in the last an- 
Dual report as unredeemed on the 1st of October, 1820, ex- 
cepting Uie sum of $38 66, which was then short esti- 
mated, and which has been since corrected by actual settle- 
ment. 



tizedoy Google 



1821.) SECRETARY OF THE TREASURY. 201 

In tbe fourth qiurter of Ibe year tbere was added to the 
«b07e the sum of ..... $467,747 95 

Viz: 

In 6 and 7 per cent stocks for Treasury notes brought 
iato tbe Treasary and cancelled - - $3,280 29 

In 5 per cent, stock, under tbe act o£ 
lUy 15, 1820 .... 454^67 66 

Making ..-.'-. 91,683,308 72 
And there was paid in tbe fourth quarter tbe sum of - 38:i,892 21 

Via: 
Deferred stock reimbursed - • $249,401 68 
Payments on account <^ the Louisiana '' 

«ock 139,490 63 

Making the public debt unredeemed oo die Ist of Janua- 
ly, 1821, as per statement No. 2 . . - 91,294,416 61 

From lEis 1st of January, to the 30th of September, in- 
dmre, there has been added the sum of • - • 4,739,776 38 

Viz: 

Three per cent, stock, for intereat on i«- 
giKnd deU - - $26 01 

'iVeasury note 6 and 7 per cent, stock 4,154 07 

Loan authorized by act of 3d of March, 
ISai 4,735,296 30 

Making 96,034,192 89 

From which is to be deducted the sum of - • 2,348,097 16 

Viz: 
Beiniburaement of deferred stock during 
ilieMme period .... $276,73715 
Paymoits on acoountofLouisianastock 3^071,360 00 

Making tbe public d^ which was unredeemed on (he 
blof October, 1^1, as per estimate No. 3 - - 93,686,095 74 

Td which will be added, in the fourth quarter, Treasury 
HNe 6 per cent slock issued .... 390 40 

Making 93,686,486 14 

From which will be deducted, in the fourth quarter, the 

wnof 262,860 41 

Viz: 
Seimbu rsement of defored stock - $257^22 26 
Residue nf Louisiana stock - • 5,658 15 

Haking the amount of the public de6t unredeemed on 
te 1st ofJanuary, 1822, as estimated - - - $ 93.423,605 73 

Tbe Treasury notes yet outstanding are estimated, as 
iipoars by estimate No. 4, at - - - - __ $28,495 00 

The awards made by the commissioners appointed under the sereral acts 
«f Congress for the inmmnification of certain claimants of pnblic lands in 
Ibe Hissiaaii^ Territory, aaymnt to - •> - $4,282,151 1$ 



302 REPORTS OP THE [1821. 

Of which there have been received at the General Land 

Office, in stock - ■ - ■ $2,442,535 39 

And there bare been paidat the Treasury 1,734,4M 86 

Making together $4,177,026 24 

And leaving outstanding on the 30th of September, 1621, 
OS per statement No. 5 - • - - - $106,124 88 



The diminution of the revenue from imports and tonnage, which occorred 
in 1819, advanced with progressive force through 182U, and reached its 
lowest point of depression in the first quarter of the present year. The 
duties secured in that quarter were 727,000 dollars less than those of the 
corresponding quarter of 1820; whilst die amount secured in the second and 
third qunrters exceeded that of the same period of the preceding year by 
$1,172,000; thus presenting, on the 30th ot September last, an a^regate ex- 
cess of $445,000 for the first three quarters of 1821; whichsum, there is just 
reason to believe, will he considerably augmented at the end of the year. 

Whilst the duties have progressively increased, the debentures chr.r^able 
upon them have considerably diminished; the amount of debentures issued 
fioro the 1st of January to 30th of September last being 952,000 dollars 
less than was issued during the same period of the preceding year. 

The same causes which, in 1819 and 1820, efiected so great a reducticHi 
of the revenue arising from imports and tonnage, were feU, in an equal de- 
gree, in the sale of the pubHc lands. Those wlio, from an anticipation of 
their resources previously to those years, were uiiableto purchase foreign mer- 
chandise, were equally incapable of purchasing public lands, or of discharg- 
ing debts contracted wilh the Government by purchases antecedently made. 

In the annual report of the Treasury at the commencement of the lost 
session of Congress, the receipts from the public lands for the year 1821 
were estimated at 1,600.000 dollars, if no change should be made by law af- 
fecting the obligations which the purchasers were then under to be punclu&l 
in their payments. But, at the close of that session, an act was passed for 
the relief of the purchasers of public lands, which so far impaired that ob- 
ligation as to induce the Committee of Ways and Means to estimate the 
Eroceeds of that source of revenue at only $800,000. It has been shown, 
owever, that the receipts to the 30th of September last have exceeded 
940,000 dollars, and those of the whole year are now estimated at 
1,300,000 dollars. 

This result, in relation to the public lands, and the improvement which 
has taken place in the revenue arising from imports and tonnage, indicate a. 
fiivorable change in the condition of the nation, from which a prt^essive 
increase of the public revenue maybe confidently iinticipBted. 

Independently, however, of any such increase, the facts disclosed by the 
fiscal operations of the year, some of which have been enumerated, warrant 
die conclusion that the receipts of the year 1822 may be estimated 

Kt $16,110,000 OO 

Viz: 

Customs - - $14,000,000 00 

Public lands - - - 1,600,000 00 

Bank dividends • - 36U,000 00 , 

Ogk 



1621.J SECRETARY OF THE TREASURY. 

Arrears of direct tai and internal duties $75j000 00 

Moneys recovered out of advances made 
in t!ie War Department before the 1st 
of July, 1915 - - 60,000 00 

Incidental receipts - 36,000 00 



The expenditures of the year 1833 are estimated at $14,947,661 80 
Viz: 

Civil, diplomatic, and miscellaneous $1,664,397 00 

Pnblic debt .... 5,732,857 01 

Military service, including fortiGcations, 
ordnance, Indian department, revolu- 
tionary and military pensions, arm- 
iag the militia, and arrearages prior 
to ihe 1st of January, 1817 - 6,108,097 53 

Naval service, including the gradual in- 
crease of the navy - - - 2,452,410 27 



The receipts of the year will, therefore, exceed the esti- 
moted expenditure by - - - - - $1,162,338 20 

ffbich, after discharging the difference between Ihe balance in the 'IVea- 
■aryon the 1st of January, 1822, and the balance of appropriations charge- 
Ale upon it, will leave in the Treasury on the 1st of January, 1823. a bal- 
ance estimated at $671,376 60. 

It is, however, proper to state, ihat, in the estimate for the naval service, 
«ly 200,000 dollars of the annual appropriation of 51X1,000 dollars, for the 
mdnal iocrease of the navy, is included; but that of the amount estimated 
Dflhe Secretaryof War, a sum lai^r than the balance of that appropriation 
ti for arreantges for revolutionary pensions and the Indian department, 
vliich will not be embraced in estimates for the year 1833. 

The expenditure of the two succeeding years, it is believed, will not ex- 
ceed that of the year 1822, unless a further expenditure shall, in tlie inler- 
nediate time, be authorized by Jaw. But in the expenditure of the year 
1822, and also of 1823 and 1R24, no part of the annual appropriation of 
$10,000,000, constituting the sinking fund, is comprehended, except what 
is necessary to discharge the interest of the public debt, and the reimburse- 
ment of the 6 per cent, deferred stock. On the lat of January, 1825, and 
Ihe three succeeding years, the debt contracted during the years 1812, 1813, 
1814, and 1 815, becomes redeemable at the will of the Government. These 
roms greatly exceed the amount of the sinking fund applicable in those 
years to the redemption of the public debt. As the current value of the five 
p*T cent, stock, created during the last and present years, exceeds that of the 
seven per cent, stock, and of the six per cent, stocks of 1813 and 1813, it is 
presumed that the holders of those stocks will be disposed to exchange Ihein 
li>r an equal amount of five per cent, stock, redeemable at such periods as to 
lire full operation to the sinking fund as at present constituted. Accord- 
ing to this view of the subject, $24,000,000 of the stocks which will be re^ 
deemable in the years 18^ and 1826 may be exchanged for five per cent, 
stock, redeemable, one-third on the Ist of January, 1^1, and one-third on 
ibe same days of 1833 and 1833. This exchange of six per cent stock, 
if effected on the Ist <^ January, 1823, will produce an annual reduction of 



tizedoy Google 



304 REPORTS OF THE [18ai. 

the interest of the puUk debt, from that time to the fiist mentioned period, 
of Q:i40,0U0, and an aggregate saving, through the whole period, of 
f 2,L60,oi)0. If the whole of the seven per cent. £ock should be ezcbaoged, 
the saving will be considerably iticreas«l. 

If sucli an exchange of stock should be deemed inexpedient or impracti- 
cable, a saving of equal, if not greater extent, may be effected in ^e years 
1^5, ISStis ltii^7, and IS'48, by borrowing at the rate of fire per cent., in 
die hrst and each successive year, a stim equal to the difference between the 
amount redeemable, and that portion of the sinking fund applicable to its re- 
demption: the five per cent, stock, so created, to wt redeemable at such pe- 
riods as to give full operation to the sinking fund, until the whole of the 
public debt shall be redeemed. If the five per cent, stock shall, during 
those years, be above par, a saving beyond that proposed to be effected by 
the exchange of stock in 18^ will be secured, to the extent of that dif- 
ference, by the latter pro<»». 

But It is possible that the pri^essive increase of the revenue which has 
been anticipated, and which ia necessary to the full operation of the sinking 
fund, may not be realized. In that event, the public expenditure authorized 
by law may, after the lat of January, 1826, exceed the public revenue. 

The remedy in such case must be — 1st, an increase of the {»iUic revenue, 
by an additiou (oihe existing impositions; or, 2d, a reduction of the sinking 
fund. 

1 A general revision and correction of the duties imposed upon forei«Q 
merchandise seem to be required. Many of the articles which pay but m- 
teen per cent, ad valorem, ought, in justice as well as policy, to be placed 
At twenty-five per cent.; whicb is the duty paid upon the principal articles 
of woollen aud cotton moDutactures. The same observation is applicable to 
some of tlie articles which pay twenty per cent, ad valorem. A correction 
of the existingduties, withaview to an mcreose of the public revenue, could 
hardly fail to effect thiU object to the extent of nearly $1,000,000 annually. 
It is highly probable, however, that an increase of auty on some of those 
articles mighteventusUy cause a reduction of the revenue; but this can only 
take place where similar articles are manufactured in the country. In that 
event, domestic manufactures will have bean fostered, and the general abil- 
ity of the community to contribute to the public exigencies will have been 
proportionably increased. 

2. If it should be deemed expediwt to reduce the smkiog fund, in pre- 
ference to the imposition of additional duties, it may be satisfactory to know 
that an annual appropriation for that object, of $8,000,000, commencing on 
the 1st of January, 1825, will extinguish the whole of the public debt, exclu- 
sive of the three per cent, stock, in the year 1839. Should the siukingfund 
be reduced to $8,000,000, an exchange of $36,000,000 of six per cent, 
for five per cent, stock may be effected, in the course of the year 1822, if 
the present price.ofthe latter stock should continue : without diminishing, in 
any degree, the operation of that fund in the redemption of the public debt. 
Such an exchange would reduce the interest annually 360,000 dollars. 

The loan of 5,000,000 dollars, which was authorised by the act of the 3d 
of March, 1821, baa been obtained at an average premium of nearly 5.£9 
per cent., upon the issue of five per cent stock, redeemable at the wilt of the 
Government after the 1st of January, 1S36. 

All which is respeclfully subnutted. 

WM. H. CRAWFORD. 

Treabcrt Depabtuent, December 10, 1821. 



.„Gooj^lf 



SECRETAKY OP THE TREASURY. 

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386 REPORTS OP THE [1821. 

STATEMENT A— Continued. 

A STATEMENT exkVjUing ike value and quantities, respectively, of 
merchandise on which duties actually accrued during the year 18S0; 
[consisting of the diff'erence between articles paying duty, imported, and 
those entitled to drawback, re-exported;) and, also, of the nett revenue 
which accrued, that year, from duties on merchandise, tonnage, pass' 
ports, and clearances. 



$509,337 a 
9,407,388 
S,«)0.789 

8,9t»,(m 



71 per cent. (05,30148 

l& do. 1,411,093 10 

iO do. 480,157 80 

J5 do. 2,245,018 75 

10 do. 249,329 40 

4,430,950 63 



Wio«3 1,7M,322 ealloas, t 
Spirits 3,928,996 do. 
Molusesl0,71%,905 do. 
Teas 4,891,447 poouds 
Coffee 13,291,857 do. 
Sazar 51 ,537,888 do. 
Saft 4,019,569 bashels 

All other articles 



27.96 cents average 



- 1,568,414 3S 

- 664,59386 

- 1,57^,346 23 



Deduct duties refunded, after dedaciiag thereriom dnties on raercbtuidise, the 
paniculajrs or which conld not be ascenained, and difference in calcaloliou 

Two and a half per cent, retained on drawback - 991,609 33 
Ten per cenL eilra dutr on mereliaiidiK imported in foreign 

ves»b 34,543 90 

Interest and storage ...... 39,85397 

Neu duties on merchandise ....... 

Duties on lODDBge ...... 153,031 16 

Lightmooejr 13,806 80 

Passports and clearances ....... 

Oross renone ......... 

DedDct expenses of collection ....... 

Nett Terenne, per statement A .--.... 



tizedoy Google 



1821.] 



SEORETjiRY OP THE TREASDRY. 
Ezptanaiory Statements and Notes. 



1. Wines- 














Madeini - 


96,997 gallaos, at 


LOOmbu - 


S96,937 00 










ino 


do. - 




Sherry and St. Locar 


6,6« 


do. 




fiO 


do. - 


3,987 00 


Lisboa and OpOrto, &C. 


193,908 


do 




•W 


do. - 


96,954 00 


Teuerifle, Pajal, &c. 


848,806 


dn 










Clwei, &G., IB boulet, &c 




do. 




30 


do. - 


10,533 60 


AllMber - 












174,706 65 








at 


lea 


do. - 


90 95 




l,7M,SflS 


do. 








490,573 50 


t SpiTits- 






Orak, la proof 




363,189 


do 




43 


do. - 


153,539 38 






49,4T7 


rio 








2^, -264 65 






fi,6« 






4H 




l,fi6L 44 






1,539 


do, 


at 


w 


da . 














t«> 


do. - 




Oifcer, fid do. 




606,4H 


An. 




3ft 


do. - 


230,467 73 


3d da 




I,fi45,9W 


do. 




43 


do. . 


&i3,309 93 


«h do. 




1,M6,338 


do 




48 


do. - 


TJ0,313 fl4 


5lh do. - 


11,094 


do. 

do. 


u 


57 


do. - 


6,333 58 




3,91!8,996 


1,728,565 81 






Bobea 


163,326 pounds 




13 


do. - 


19,687 12 


Sooc-tune - 


1,353,16* 


do 




35 


do. . 


313,291 00 


HytoB skin, Ac. - 


1,485,116 


do 


Rt 






415,833 48 


Hrmo and yoaog hjBoa 


1, "AT, 310 


do. 


at 


40 


da - 


703,884 00 


teperial - "/ 




d«. 




50 


do. - 


11(1,365 50 




4,801,147 


1.567,960 (0 


Iitr» Attty •a (en$ importef 
fton other ptteestban Chin 














4,801,447 

- 48,6n.{S> 


do. 
do. 


M 


3 


do. - 


454 23 




1,568,414 33 




1,458,510 87 


White,' fJajed - 


- 3,980,869 
61,537,889 


da 
do. 


at 


4 


do. - 


116,834 36 




1,575,345 23 



















lapoTled • - bOEhcln 

Exported - - bmthels 

BoVDties and «11owiuic«s re- 

dnced iniD bnshel^ at 90 



17,130 

,045,017 1,062, I47at90 do. 
<,019,569 ai 30 do. 



tizedoy Google 



BEPORTS OP THE 

Explanatory l&cUemeiUs arwt Nates — Continued. 



6. AU oAer Uticlcs. 



Dock— Rnsia 

Holluid 
ShMting— brown, Rnnia 



Oil— sperroaceii 

vhnle. Mid oiber fish - 
olive, in cubs - 

Chooolftte 
Bngar, candy - 



loaf 



other, rrfined and lamp 
Pniits— Almonds 

Cuinnts 

Prone) and plums - 

Pip 

Raisins, jar and mnscaiel 

Raisins, all other - 
Caadles-TaUow ■ 

War and iperraaceo 
Cheese 



Soap - 
Talloi> 



Spices— Hace 
•^ Clove* 

Pepper 

Pimento 

Cassia 
Tobacco, mannftctured, &c. 

Omipowder - • - 

Brisdes 

mm - , ■ 

Paints— Oefare, drjp ■ 
ia oil 
White and red lead 
Whiting and Paris white ' 
Lead, bar, p^, and sheet 

mannnicttiTed and shoi 
Coidaffe, tarred, and cables - 
nntarral, and ram 
twine andpackUireaa 
Copper and comBosuiun rods and bolls 

Mils and qrikM 
Wire, iron and sleel, not above No. 18 

■bore do. 

Iro*— tacks, brads, &c., not abore 16 oimces 



bar and boll, rolled 



S6,6CO 
16,186 
1,8M 
14 ,138 



■m,T33 
9,039 
3,M7 



997,«S3 

190,008 
U4,MS 
978,400 
934,840 
1,030,108 
44,304 



19,MT 
194,156 

963,799 



3,037,786 
72,910 
9,909,990 
9,0fie,478 
967,333 
346,3S1 
923,793 
81,7B9 
13,186 
190,984 



79,909 

«,Be4 

6,90B 

se,a» 



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L821.] 



SECRETARY OP THE TREASURY. 

Explanatory Statemenia and Notea — Continued. 



6 All other anicles. 



isr" 



■■"ish — dried or smok«d 
pickled si.tmon ■ 

OthM . 

Jlass — black quart bottles 

window, uM above 8 by 10 i 
■"- -■- lOlwia 

10 by 13 






s, &c. 



bnahels 
qniniala 
Mrrels 



gross 
100 so. ft. 



2,533 
5,364 
S,II3 



>edDCt excess or articles exported beyond the impoitatiofis, v 



366 pooDds, al 60 cents S319 60 

v,338 do. at 25 do. 1,588 00 

49,733 do. U 13 do. 5,967 96 

346,985 do. BC 3 do. 7,409 66 

411 pairs, tl ISO do. 616 50 



•292,347 75 

31,300 00 

7,802 00 

140,560 60 

2,666 00 

640 00 

33,685 55 

558 00 

3,746 00 

36 50 

219 00 

13,905 76 

7,063 50 

3,184 50 

7,436 00 

142 SO 

796 00 



Treasury Dbpartment, 

Regiata'a Office, December 1, 1821. 

JOSEPH NOURSE, Iteffister. 



Vol. ii._14 



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REPORTS OF THE 
B. 



[im. 



STATEMENT of tnoneya received into the Treasury ^ frotn internal 
revenue and other ol^ets, during the year 1^20. 



Froa aitears of internal duties (new) 

diKct tax ([do.) 

old interaal duties 

old direct tax - 
Pcstage of letters - 
Fees DD letters ptieat 
Cents coined at the miot of the United Stales 



Hett proceeds of prizes captared by public armed vessels 
Returned passage money of an Ameriean seaman 
Interest on balances due by banks to (he United States 
Sale of public lots in tbe city of Washington 



105 97 

8,004 76 

10 00 

144 00 
10,000 00 



Trsasury Defartmrnt, 

Regiater's Office, November 12, 1821. 

JOSEPH NOURSE, Register. 



tizedoy Google 



SECRETARY OF THE TREASURY. 



STA TEMENT of mmuys recavnd from the laUa of the public loads, 
during the year 1820. 



From Wasbineton, Mississippi 
HuntsviTle, Alabama 


■ $116,104 31 


■ 62,686 43 


St. Stcplieu's, do. . ' . 


T0,3O8 26 


Caliaba, do. 


. 298,130 97 


Cincinnati, ' Ohio 


- 133,694 65 


Cliillicothe, do. 


36,689 62 


Zanesville, do. 


71,106 22 




42,143 41 


Wooster, do. - - 


60,912 09 


Marietta, do. 


12,796 3S 


Delaware, do. 


37,819 36 


PiqUB, * do. 


3,100 00 


JetfersoDvilte, Indiana 


- 148,832 26 


Vincennes, do. - * - 


- 133,610 80 


Birookville, do. 


117,980 36 


Sfiawneetown, Illinois 


37,782 63 


Kaskaskia, do. 


67,073 34 


Edwaidsville, do. 


29,499 28 


Franklin, Missouri 


89,076 69 


St. Louis, do. . • 


69,669 91 


Detroit, Michigan 


7,066 96 




»1,635,871 61 



Trbuuby Department, 

Jitgister's OMce, Dectmber 11, 1821. 

JOSEPH N0Ufi3E, tUffitt^. 



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212 REPORTS OP THE [1S21. 

No. 1. 

STATEMENT of the debt of the United Stales, lift October, 1S20. 

Deferred stock, (unredeemed amount) ■ $2,309,296 91 

Three jier cent. - - - 13,295,946 44 

Louisiana . - - . 2,216,408 78 

Sii per cent, of 1796 - - - 80,000 00 

Exchanged six per cent, of 1812 



1812, (loan of 11 millions) 6,187,006 84 

1813, do. 16 do. 16,521,136 46 

1813, do. 74 do. 6,836,232 39 

1814, do. 26 ond3 mil. 13,011,437 63 
1816, do. 18,482,500 9,490,099 II) 

1 per cent, slock - - 1,4.')8,473 50 

r per cent, stock - ■ 8,605,116 27 

stock, subscription to Bank 

. 7,000,000 00 
)ckofl820 . - 2,000,000 00 

tockofl820 - - 645,43147 



- »20,5?0,627 12 



70,654,933 65 

91,225,560 7T 

Amount, as per the Secretary's report of last year - - 91,226,622 11 

Add this sura overesdmated as reimbursement of deferred 
stock, to 30Ui September, 1820 - ^ 38 66 



- 1191,226,660 77 



TrEASURV DaPARTMEHT, 

Registefa Ogke, November 12, 1821. 

JOSEPH NOUKSE, JligUter. 



t,i.a,Google 



1821.J 



SECRETARY OP THE TREASURY. 

No. 2. 



STA TEMENT of the d^t of the Vaited States, January 1, 1831. 



Deferred stock (nnredeemed amount) - 
Three per cenl. stock 
Six per cent, stock o( 1796 
Eicbanged six per cent, stocli or 1812 - 
lunisiana six peT ceni. stock 

Sii per cet)t. stock of 1812, loan of 11 millions 

Six per cf Dt. stock of 1813, loan of IG nillioas 

Six per cent, stock of 1813, loan of "Ik millions 

8ii percent, stock of 1814, loan of 25 and SmDliuns 

Six pec cent, slock of 1815, loan of $18,482,500 

TrMsory note six per cent, stock 

Tnasaij note seven per cenL slock 

Fire per cent, stock, subsciiption to the Bank of i!ie 



13,395,930 03 
80,000 00 

3,668,974 99 
2,076,918 16 



13,011,437 63 
9,490^099 10 
1,460,949 00 

6,605,847 27 

7,000,000 00 
3,000,000 00 



AtMMiBi oa the 1st of Jauaary, 1821 

Uiredeemcd amount on the 1st of October, 1620, pei 
Add stock issued in the fourth quarter of 1^0, viz 
Treasory note sii per cenu stock - 
Treasurj' note seven per cent, slock 
Five per cenl. stock, per act of May 15, 1820 



As above »91,a94,416 51 



Trbascrv Department. 

Hsgista's Office, Nomembar 12, 1821. 

JOSEPH NOURSB, Register. 



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REPORTS OF THE 

No. 3. 



[IH-n. 



ESTIMATE ^ Ou funded debt of ike UnUed i^ates, October 1, 1821. 



Deferred Hock, unredeemed amount - 
Three pel ceokMooh, - 
Six pel ceuL stock of 1196, 
Eicimogtd »i per cent Mock of 18iQ, • 
Lonisiana stock (amount oiupplied for) 

Six per cent, stock of 1819, loan o( II milJions 

Six per cent, stock of 1813, kan of 16 millioni 

Six per cent, slock of 1813, loan of 7( millions 

Six per cent, slock of 1814, loan of 35 and 3 millions 

Six per cent, stock of 1615, loon of 918,482,500 

Treasniy note six per ceat.aock 

Treasury note seven per cent, slock 

Fir* per cenL stock, subscription to Bank of tfae United Siaw: 

Six per cent, slock of I8!0 

Fire per cent, stock Dfl8*) 

Fii-e per cenL stock, per act of Maxell 3, 1821 



81,783,148 3B 

13,895,956 04 

60,000 00 

2,666,974 »9 
5,568 15 



6,1ST,006 84 
15,531,136 45 

ti,b3U,333 39 
13,011,437 63 

9,4'JO,0e9 10 

1,464,895 07 

6,606,356 an 

7.000,000 00 

2,000,000 00 

993,999 13 

4,T35,U96 3a 



AaAnnt,B.<i!itaied,JanoBTy 1, 1821 ...... 

Add stock i^necl in the first three qu&rlers of Ibil, \u : 
Three per cent, stork, for interest on registered debt Si26 01 

Treasury note six per cent, stock . . ■ - S'liS 07 

Treastuy note seven per cent, slock - 508 00 



Loan, peructoftheSdof IMarch, 1^1 - M 4,735,296 3(1 

— — 4,739,776 38 

96,034,193 8!> 
Deduct reimbursement of deferred Slock ■ ■ - 270,737 15 

And paymeniK on account of Louisiana stock ... 2,071,300 00 

— -. 2,348,097 15 

As above, October 1, 18n ' . - 93,686/195 74 

Add Treasury note six per cent. MOck, ioaed in the funnh quajter ul 1821 ■ SW 40 

93,686,486 14 
Dedticl estimated amount of payment in the founb quarterof 1831, ti;^: 
ReimbuTsetnent of deferred slock .... S257,3-iB 36 
Residue of Louisiana slock .... 6,558 15 

262,880 41 

EsUmited amount, January 1, 1923 893,433,605 73 

.- (a) Slock issaed, and premium obtained Itiereun, in pursuance of the act of Man;b3, 1821. 

Wlert sold. Amount pf stock iisuril. Pivmivm. 

At Philadelphia 84,000,000 00 ^0S,rt8a 00 

Philadelphia 282,700 00 22,616 00 

New York 351,500 00 28,120 00 

Boston 100,000 00 8,000 00 

WashingJon 1,096 30 87 70 

JM, 735,296 30 "jSwTSO^ 
264,703 70 - ■ -— -■— — r 
"^,000, 000 00 

TsEASnaT Department, 

Rfffister'a Office, Notember 18, 1821. 

JOSEPH NOURSE, Regitter. 



1821.J SECRETARY OP THE TREASURY. 215 

No. 4. 

ESTIMA TE of the ariumnt of Treasitry notes outstanding, \at NovtM- 
ber, 1821. 

Total amount issued, as per No. 4 of last report - - $36]6S0,794 

GaDCelled and reported on by the First Auditor 936,649,536 

lo his office, to be reported on, for six per cent 

Treasury note stock issued at the loan office 

for New Hampshire - - $600 

Massachusetts - - 700 

New York - ■ - 340 

Tii^Dia - ■ - 600 

In tbc iU^er's office - • 400 

In the branch bank at Washington, small notes 



ODtstanding 1st November, 1821 - 

Of which appears to be in small notes 
Notes bearing interest 



2,540 
824 


36,662,299 




a 28,4W 




«3,or6 

26,420 
♦28,496 



a Note made by the First Auditor : 

The balance estimated by Mr. Nourse as outstanding on the 
1st November, 1820, is - • - - - $27,666 

To which (uld amount estimated to be in the branch at Wash- 
ington and the Union Bank of New Hampshire, after de- * 
ducting the estimated amount of interest thereon $99,105 

Deduct the nett amount, exclusive of interest, ascer- 
tained to be in the branch bank on the 2d De- 
cember, 1820, per report No. 42,245 - 91,318 

Difference arising from the interest being short estimated - 7,787 



Deduct amount received since Ist November, 1820, at the 
office of the First Auditor, at the branch bank, Washington, 
and by the Roister of the Treasury, for stock issned 



Treasury Department, 

Register'a Office, November 12, 1821. , • 

JOSEPH NOURSE, Regittvr. 



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816 REPORTS OF THE [1821. 

No. 5. 

STATEMENTof the stock uimed under the act of Congress tntUIed 
"An act supplementary to the act for Ike mdemnificaiion of certain 
daimattis of vui/ic lands -in the Mississippi Terrilwy" passed on the 
3d March, 1816. 

Amount of claims awarded, per statement No. 6 of last 
report - - - - - - a f 4,282,161 12^ 

Paid in for lands to the 30th September, 

1820, per said statement - - $2,439,308 31 

Paid in since - - - - 3,227 08 



Amount of payments made 

at the Treasury, on ac- 
count of this stock, to ttie 

30th September, 1820, as 

per said statement $1,142,879 66 
Amount of payments made 

at the Treasury, on ac- 

count of this stock, from 

Ist October, 1S20, to the 

30th September, 1821 691,611 30 



1,734,490 85 



4,177,026 24 
Outstanding on the 1st October, 1^1 - - 106,124 88} 

^^^^61_12J 

a Certificates issued for - . • - {4,279,364 ^^ 

Certificates to be issued .... 2,7g6 gi 



$4,282,161 l^ 



Treasdbt Department, 

Regiatefa Office, November 12, 1821. 

lOSEPH NOURSE, Register. 



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1822.] SECRKTARY OP THE TREASUEY. 



REPORT ON THE FINANCES. 

DECEMBER, 1822. 



la obedience to the directions of the " Act supplementRry to the act to 
establish the Treasury DepartmenI," the Secretary of the Treasury re- 
ipectfiilly submits the following report: 

!• OF TBE PUBLIC REVENUE AND EXPENDITURE OP THE TEARS 1S21 
AND 1822. 

The Dett revenue which accrued from duties on imports and tonnage, 
daring the year 1821, amounted (see stalement A) to g l 5,898,434 42 

The actual receipts into the Treasury, during the year 
1821, including the loan of $5,000,000, amounted to • $19,573,703 72 
Viz. 

Costoms, (see statement A) - $13,004,447 16 

Public lands, exclusive of Mississippi 
nock, (see statement D) - - 1,212,966 46 

Arroais of tnternnl duties and direct 
Bx, dividend on stock in the Bank of the 
United States, and other incidental re- 
ceipts, (see statement E) - - 356,290 11 

Loan authorized by act of the 3d of 
March, 1821, including a premium of 
(264,703 70, gained on the some, (see 
KUement E) - - - - 5,000,A00 00 



Making, with' the balance in the Treasury, on the 1st 
ofJanuary, 1821, of 1,198,461 21 



An aggr^ateof . . , - $20,772,164 93 

The expenditures, during the year 1821, amounted 
;»e statement F) to ..... 19,090,57269 
Viz. 

Civil, diplomatic, and miscellaneous $2,241,871 54 

Hilitary service, including fbrtifica- 
tioos, ordnance, Indian department, re- 
Tolntionary and military pensions, arm- 
in;^ the militia, and arrearages prior to 
IM January, 1817 - - - 5,162,364 47 

Naval service, including the gradual 
increase of the navy - - • 3,319,243 06 

Pnblicdebt .... 8,367,09362 



Le&ving a balance in the Treasury, on the 1st of Jati- 
BJkry, 1822, of 1,681,698 24 



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218 REPORTS OP THE [1823 

The actual receipts into the Treasury, during the first 
three quarters of the year 1822, are eslimatra to have 
amounied to - - ~ $14,745,408 75 

Viz. 

Customs - ■ 812,648,933 15 

Public lands, exclu- 
sive of Mississippi stock, 
(see statement U] - 1,298,484 66 

Arrears of internal 
duties and direct tax, 
dividend on stock in 
the Bank of the United 
States, and other inci- 
dental receipts, (see 
statement H) - - 391,871 76 

Balances of appropri- 
ations for the War and 
Navy Departments, re- 
turned to the Treasury, 
and carried to the sur- 
plus fund . - 406,119 28 

The actual receipts into the Treasury 
during the fourth quarter are estimated at 6,000,000 00 

Making the total estimated receipts into the Treasury 
during the year 1S22 $19,745,408 76 

And with the balance in the Treasury on the 1st of 
January, 1822, forming an aggregate of - - - $ 21,427,000 99 

The expenditures during the first three quarters of the 
year 1822 are estimated to have amounted to (see stale* 



ment I) 


$12,278,663 


Viz. 




Civil, diplomatic, and 






$1,536,434 24 


Miliiary service, inclu- 




ding fortifications, ord- 




nance, Indian depart- 




ment, revolutionary and 




military pensions, arm- 




ing the militia, and ar- 




rearages prior to 1st Jan- 




uary, 1817 - 


4,930,210 68 


Naval service, includ- 




ing the gradual increase 




of the navy - 
Public debt 


1,538,962 88 


4,273,055 52 



The expenditures during tlie fourth 
quarter, including the redemption of the 
$2,000,000 of six per cent, stock of 1820, 
are estimated at - - 6,000,000 00 

Making the total estimated expenditure of the year 1822 $18,278,653 32 



18221] 



SECRETARY OP THE TREASURY. 



219 



And leavin? in the Treasury on the 1st or January, 1823, an estimated 
bakace of 93,148,347 67. After deducting from this sum certain bolances 
of ^ipropriations, amounting to 8li232.312 11, which are necessary lo effect 
the objects for which they were severally made, or have been deducted from 
ihe estimates for the service of the ensuing year, a balance of $1,916,136 56 
Rnains, which, with the receipts into the Treasury during the year 1823, 
cnostitutes the means for defraying tlio current service of that year. 

II. OP THE PUBLIC DEBT. 

llie funded debt which was contracted before the year 1812, and which 
was unredeemed on the 1st day of October, 1821, amounted (see statement 
So. I) to $17,833,746 84 

Andlhat which was contracted subsequently to the 1st 
of January; 1812, and was unredeemed on the Ist of Oc- 
uber, 1821, amounted (see statement No. 1) to - 75,862;468 18 

Making- the total amount of the funded debt unre- 
deemed oa tlie 1st of October, 1821 - 

Id the fourth quarter of that year there was issued 
Tntsary note six per cent, stock to tho amount of - 



Ihkiog an ag^i^^te of - 

Id the saate quarter there was paid the sum of 

Viz. 
Beimbtirsenoent of sis per cent, de- 
tool stock ■ ■ - . «257,1S0 60 
Bedemptton of Louisiana stock - 5,568 16 

Kedneing the funded debt on the 1st of January, 1622, 
are statement No. 2,) to - 

From that day to the 1st of October last, there was is- 
aied three per cent, stock to the amount of - 

Making an aggregate of - 

During the same period there was paid the sum of 

v!z. 

Keimbursement of six per cent, de- 
laired stock - • ■ • 

Redemption of six per cent, stock 
of 1796 .... 

Reducing the fnnded debt on the 1st of October, 1823, 
,9ee estinoate Ko, 3,) to 

It is estimated that iu the fourth quarter of the present 
nw there will be paid . . . . 

Viz. 
Beimbursemenl of six per cent, de- 
ferred stock .... - . 9266,588 07 

Redemption of six per cent, slock 
of 1820 - - - - 2,000,000 00 



93,686,206 02 
390 40 



93,686,595 42 
262,738 76 



93,423,856 67 
143 02 



93,423,999 69^ 
380,980 02 



93,043,019 67 
2,265,688 07 



Which Drill reduce the iiiiided debt, unredeemed o 
die Ist of January, 1823, to - 



r,431 6() 



220 REPORTS OF THE [1822. 

The amount of Treasury notes outstanding on the 1st 
of October, 1822, is estimated (see No. 4) at - - $27,437 00 

And tbe amount of Mississippi stoclc untedeemed on 
that day (see No 5) at - - - - - 26.735 94 



The gross amount ofduties on imports and tonnage, which accraed from 
the 1st of January to the 30th September last, both days included, is esti- 
mated at $19,500,000, and that of the whole year at $23,000,000. 

It is estimated that the amount of debentures issued duringlhe same period 
exceeds the amount issued during the corresponding period of the yearl82l , 
by $8t>,000 ; and that the amount of debentures outstanding on the 30th of 
September last, chargeable upon the revenue of 1823, is $234,000 more 
than was on the same day in 1821 chargeable upon the revenue of 1822. 

It is estimated that the value of domestic articles exported from the 
Hniled Slates, In the year ending on the 30th of September last, has amounted 
to $49,874,079, and that foreign articles exported during the same period 
have amounted to $22,286,202. 

As the receipts from the customs in the year 1823 depend, 1st, upon the 
amount of duty bonds which become due within that year, after deducting 
the expenses of collection and the amount of debentnres chargeable upon 
them ; and 2d, upon such portion of the duti€s|secured in the first mid second 
quarters of that year, as are payable within the year ; it is muiifest that an 
increase in the amount of debentures chargeable upon the revenue of the 
year 1823, or a diminution of the importations of foreign merchandise during 
the first two quarters of that year, must necessarily diminish the receipts 
into the Treasury. As debentures can be issued at any time within twelve 
motiths after importation, chare;eable upon bonds given for the duties upon 
such importation, it isimpossibk to foresee the amount which maybe charge- 
able upon the bonds that are payable during the year 1823. The facts, 
however, which have been stated, justify the conclusion, that the amount of 
debentures which will be issued andchargedupon tbe revenue of 1S23 will 
considerably exceed the amount which was chargeable upon that of 1822. 
From the same facts, it is also presumed that the importations of the first 
two quarters of the year 1823, will be less than the corresponding quarters 
of the present year. 

Giving due weight to all the facts connected with the subject, the receipts 
for the year 1823 may be estimated at - - - $21,100,000 00 

Viz. 

Customs - - - $19,000,0t»0 00 

Public lands - - - 1,600,000 00 

Bank dividends - - - 360,000 00 

Arrears of internal duties and direct 
ax, and incidental receipts - - 160,000 000 



To which is to be added the sum of - - - 1,916,136 56 

Remaining in the Treasury aller saiisftring ihe bal- 
ances of appropriations chargeable upon the revenue of 

1822, which makes the entire means of the year 1623 _ 

amount to - - - - - - 23,016,135 66 



oy Google 



1S22.] SGCRETARY OF THE TREASURY. 221 

The expenditure of the vear 1823 is estimated at - $15,059,697 22 
Viz. 

CSvil, diplomatic, and miscellaneous 81,599,317 35 

Military service, including fortifica- 
ti(M», ordnance, Indian deparlmetit, re- 
rolutionaiy and military pensions, arm- 
ing the militia, and arrearages prior to 
ibe 1st of January, 1817 - - 5,134,392 76 

Naval service, including the gradual 
increase of the navy - - - 2,723,987 12 

Public debt - - - - 5,602,000 00 

Which being deducted from the above sum, will leave 
in the Treasury, on the 1st of January, 1824, afler satis- 
fying the current demands of the year 1823, a t 



limated at ----- - $7,956, 538 34 

Although the facts already disclosed justify the conclusion that the im- 
poitations of the present year exceed the value of domestic articles exported 
dtniog tbe year, yet there are no means of ascertaining the extent of that 
eicess. If the custom-house documents were to be considered conclusive 
evidence upoa this subject, it would be apparent that the nation has, through 
tbe whole period of its existence, imported more iu value than it has ex- 
pMed. But the fact is incontestable, that the United States have enjoyed a 
more uninterrupted prosperity, and have increased their capital to a greater 
relative extent, than any of the nations with whom they have maintained 
tmiiDercial intercourse. 

To show that the custom-house documents cannot be considered conclu- 
ave evidence in this case, it is proper to observe: 1st. That the value of 
uticles paying duties ad valorem, imported into the United States, is ascer- 
lUDed by adding to the invoice value 20 per cent, if from beyond the Cape 
of Good Hope, and 10 per cent, from all other places; whilst the value of 
daoestic articles exported is ascertained at the port of shipment, without any 
suh addition. 2d. The greatest portion of the importations and exporta- 
tmts ia mode in vessels of the United States. 3d. The capital employed 
in the trade of the northwest coast and of the Pacific ocean consists 
dnost exclusively of the labor and enterprise of those engaged in it. 
Foreign articles, the proceeds of those enterprises, imported into the United 
Stales, are therefore only equivalent to the labor and enterprise by which 
they were procured. 4th. The value of domestic articles exported is more 
imperfectly ascertained than of foreign articles imported; because it has not 
beoi oHisidered necessary to resort to the same sanctions to enforce a com- 
pliance with the regulations which have been prescribed for that purpose. 
To ascertain the relative value of imports and exports, it is necessary — 1st. 
nai the samfe additions should be tnade to the invoice value of the latter, as 
m reqaired by Law to be made to the former. 3d. The freight of domestic 
aiticies exported in American vessels should be added to their value, aJler 
Aedncting from it the freight of foreign articles imported in foreign vessels. 
3d. The value of foreign articles imported in vessels engaged in uie trade of 
Ibe iKHlJiwest coast and Pacific ocean, the proceeds of tbe labor and en- 
~ B of those by whom they are navigated, should be added to the do- 
: exports. 4tb. It is impossible to ascertain what addition should be 



tizedoy Google 



222 REPORTS OF TUK [1322. 

made to the value of the domestic exports on account of the omission of the 
exporters to state correctly the quantity or value of articles exported by 
them; but, after making a hberal allowance for foreign articles illicitly in- 
troduced or inaccurately invoiced, it is believed that a considerable addition 
should be made. 

If, then, to the amount of domestic articles exported diirii^ the year 
ODdinff on the 30th of September last, already estimated at 49,874,079 dol- 
lars, the additions should be made which the preceding facts and consid- 
erations appear to authorize, the value of our domestic exports during that 
period may be estimated at nearly 60,000,000 dollars. 

Although no calculation has been completed, showing the average rate of 
duty upon the value of foreign articles imported into the United States, it 
is presumed that an importation of 60,000,000 dollars of foreign merchan- 
dise will not produce a less revenue than 17,000,000 dollars. As the re- 
ceipts from the customs during the year 1S23 have been estimated at 
19,000,000 dollars, it is probable that the receipts from the same source in 
1824, which will depend upon the importations of 1823, will not exceed 
16,000,000 dollars. Under the most unfavorable circumstances, it is be- 
lieved that the receipts of that year will be stjfficient to discharge all de- 
mands upon the Treasury which may be authorized by law. 

If the current appropriations for the year 1825 shall be equal to those 
required by the estimates for the ensuing year, the expenditure of that year 
may. be estimated at - - - - $28,253,597 22 

Viz. 

Current oppropriatimis - - $8,578,722 22 

Permanent appropriations for arming the 
militia, and Indian annuities ~ - 378,875 00 

Gradual increase of the navy - - 500,000 00 

Public debt, including balances unapplied 
in 1823 and 1824, amounting to $8,796,000, 18,796,000 00 



The means of the Treasury to meet this extraordinary 
expenditure, cousists — 1st, of tbe balance which may be 
in the Treasury on the 1st of January of that year, esti- 
mated at ■ - - - $8,000,000 00 

And 2d, of the receipts of that year, esti- 
mated at - - - ■ 19,000,000 00 
Viz. 
Customs - - $17,000,000 
Public lands - - 1,600,000 
Bank dividends - - 360,000 
Incidental receipts - - 50,000 



Making together an •ggr^ale of - - 27,000,000 00 

And leaving a deficit of about - - , - $1^60,000 00 

In this estimate the rec^pta and expenditures of the year 1824 are esti- 
mated to be nearly equal. It is probable, however, that the receipts mM- 
exceed, to a "small extent, the expenditures; but there is at least an equal 
probability that the receipte for the year 1825 are estimated too high. In 
the year 1826, the expenditure, assuming the current appropriations to be 
the same as in the year 1823, may be estimated at 19,467,000 dollars, and 

DigtizedoyGOOJ^Ic 



1822.] SECRETARY OF THE TREASURY. 223 

the receipts at 19,000,000 dollars. As the appropriation of 500.000 dollars 
fwlhegnulual increase of the navy uzpires in that year, the annual expend- 
iture may, for snbsequent yeais, be estimated at 19,000,000 dollars, unless 
it shall be considered expedient to make further provision for the increase 
of that «BieDttal means of national defence. 

It is probable that the annual revenue will be equal to that sum. To pro- 
vide ibr the estimated deficit of the years 1835 and 1826, as well as to meet 
any sxtmordinary demands upon the Treasury which unforeseen exigen- 
on may require, it is believed to be expedient that the revenue should be 
iocieaaed. Thiq map be conveniently effected by a judicious revision of 
the larifi^ which, while it will not prove onerous to the cousumer, will sim- 
plify the labors of the officers of the revenue. At present, articles compo»3d 
of wool, cotton, flax, aijd hemp, pay different rates of duty. DiiScultios 
frequently occur in determining the duties lo which such articles are sub- 
ject. The provision iii the tariff, that the duty upon articles composed of 
variona materials shall be regulated by the material of chief value of which 
it is coaiposed, is productive of frequent embarrassment and much incon- 
venience. It is therefore respectfully submitted, that all articles composed 
of wool, cotton, fiax, hemp, or silk, or of which any one of these materials 
isa component part, be subject to a duty of twenty-five per cent, aft valorem. 

The duties upon glass and paper, upon iron and lead, and upon all arti- 
cles eompoiKd of the two latter materials, may also be increased, with a 
iKv to the augmentation of the revenue. In all these coses, except arti- 
des composed of silk, it is probable that the effect of the proposed augment- 
■Don of duties will gradually lead to an ample supply of those articles 
bma our domestic manufactories. It is however presumed, that the reve- 
Boe will continue to be augmented by the proposed alterations in the tariff, 
until the public debt shall have been redeemed; after which, the public 
apenditnre, in time of peace, will be diminished to the extent of the 
snking fund, which is at present $10,000,000. But if, contrary to present 
uticipations, the proposed augmentation of duties should, before the public 
d^ be redeemed, produce a "diminution of the revenue arising from the 
tKiponation of those articles, a corresponding, if not a greater augtncnta- 
tioa, may be confidently expected upon other articles imported mto the 
Iniited Slates. This supposition rests upon the two-fold conviction, that 
fare^ articles, nearly equal to the value of the domestic exports, will be 
isqiorted and consunied; and that the substitution of particular classes of 
Aniestic articles for those of foreign nations, not only does not necessarily 
diminish the value of domestic exports, but usually tends to increase that 
vmloe. 

The dnties upon various other articles, not in any degree connected with 
our domestic industry, may likewise be increased, with a view to the aug- 
■■iiitiifinn of the pubhc revenue. If (he existing tariff shall, during the pie- 
Kntsessionof Congress, be judiciously revised Tor the purpose of augmeat- 
iag Ihe revenue, it is confidently believed that it will not only be amuysuf- 
Seieat to defiray all the demands upon the Treasury at present authorized 
bf law, but that there will remain an annual surplus, subject to such dis- 
positioD, finr the promotion of the public welfare, as the wisdom of Congress 
BBT direct 

Cinder the act of the 20th of April last, authorizing the exchance of cer- 
tain portKKis of the public debt lor five per cent stock, ^66,704 77 only 
fasre oeen ezchangeo. The iucieased demand for capital fiir the prosecu- 



tizedoyGOOJ^If 



224 REPORTS OP THE [1822. 

tion of commercial enterprises during the [ffesent year, and the rise in the 
rate of interest consequent upon that demand, which were not anticipated 
at the time that the measure was proposed, have prevented its execution. 
Existing circumstances do not au^orize the conclusion, thata ineasure of 
this nature will be more successful during the next year. If the price of the 
public debt in 1825 should be as high as it is at present, any portion of it, 
redeemable at the pleasure of the Government, which should be unredeem- 
ed ifi that and subsequent years, after the application of the sinking fund 
to tliat object, may be advantageously exchanged for stock, redeemable at 
such periods as to give full operation to the smking fund. This may be 
effected, either directly, by an exchange of stock, or mdireclly, by authoriz- 
ing a loan to the amount of the stock annually redeemable, beyond the 
amount of the sinking fund af^licable (o that object. 
AU which is respectfully submitted. 

WM. H. CRAWFORD. 
Tbeasurv Department, December 23, X822. 



tizedoyGOOJ^If 



SECRETARY 



OP THE TREASURY. 



Vol. u. 



s 

.3 

i 




i 
1 


i 

1 


s 

1 


r 


i 

i 


1 


2 

1 


Is 

11 • 


3 

1 


1^ 


S 
i 
8 

i 


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1 

a 


4 


s 

i 


1 


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p. 

ii 



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fit 

Ii !■ 

111 



tizedoy Google 



REPORTS OP THE 
R 



[1832. 



A STATEMENT exhibiting the value and quantities, respectively, of 
merchandise on wfiich duties actwdly accrued during the year 1S2L ; 
(coitsistittff of the difference between articles paying duty, imported, and 
those entitled to drawback, re-exported- ; } and, also, of the nett revenue 
which accrtted that year Jrom duties on merchandise, tonnage, pass- 
ports, and clearances. 



640,613 dollus, ai 11 per cent. 
13,036,191 dollars,ail5 pcrceDi. 
4,473,903 dallaFs,u30 perceul. 

16.605.525 dollars, at 25 per cent. 
1,601,368 dollars,at30 pMcent. 


S63,045 98 
1,955,4^ 65 

894,798 60 
4,151,381 S5 

461,310 40 




36,560.690 doUais 


7,545,964 88 


87,545,964 88 


1. Winea, 3.154,111 eal1oiis,at24.e6cenls, areruge 

2. Spirits, 3,817,003 galloDs,at 43.65cenls,aveiage 
fifolftsiis, 9,469,fl9ai«llons',8l 5 cents' - 

3. Teas, 4,603,855 pounda, ai 31 .46 cenU, average 

4. Coffee, 15,965,237 pounds, al 5 cents 

6. Soar, 43,084,819 poands, at 3.05 cents, awrage 
6.8»ri, 3,131,8*7 6ushels,at20 cents 

7. Other articles ...... 


TO4,IM 65 
1,6TJ,319 49 

472,994 90 
1,447,931 09 

■798,446 90 
1,315,143 40 

634,369 40 
1,590,386 62 


' 8.712.71)7 45 




61,674 69 
21.1110 70 
26,725 81 


To which add diiUes collected on merebandisa, Ihe par- 
ticulars ol- which were not rendered by (he collectors, 
alter dednciing ihereftom duties refuQded, and differ- 
ence in calculation ..... 


!6,258,6B 33 
115,483 03 


Si per cent retained on drawbacks 

Interest and storage ..... 


16,374,155 35 
109,410 «0 




8978(8 61 
8,328 99 


Duties on tonnage 

Ligkt«w»ey 


16,483,565 9S 

96.177 GO 
9,858 00 


Paaport* and clearances 


- 


Deduct expenses of collection .... 


16,591,601 SS 
693,167 13 


Metl revenue, per sutement A .... 


15.698,434 4S 



t,i.a, Google 



1822.] SECRETAEY OP THE TREASURY. 

Explanatory SttUemtnts tend Nates. 



Uadcira 
Botgnndy, 4c. 
Sberry and 3l. Lucar 
LciXHi and Opono - 
Tenenffe, Fayal, &e. 
Cianl, Ac. boUled 
Allotbcr 



i Spiritt— 

PiDffl grain, Ist proof 
9d do. 



5lb do. 
Above Sih doL 
' - l3t&2ddo. 



4th do. 

Nh do. 

Above filh do. 



385,740 

445,81 H 

5I>,03T 

3,350,417 



2,471 

10,450 

6,799 

638 

5M,670 

1,457,617 

l,3£l,018 

Wi,945 

1,864 



m,3QS pounds, Bl 13 c 



■ l,7tf,913 

- 1,437, 1R9 

- 306,667 



38 da 
40 do. 
50 do. 



S93,480OO 
3.761 00 
11,314 SD 

U:t,tnooo 

178.387 30 
16,811 10 

337," " 



811 10 



185,696 38 

13,664 90 

1,186 06 

5,434 00 

3,479 40 

476 50 

311,154 60 

612,139 14 

635,063 04 

9,656 66 

1,304 80 



464,095 fit 
674,676 60 
104,333 BO 

1,447,783 60 

137 4S 



Do. (impurted in 1814) 






40,578^166 poimdi, at 
M^ do. 
- »,45M^ ^• 



( Salt — imported, bushels - 

exported, do. 

BoHBtia >iid allawanees rednc- 
«d into bosbels 



- 939,575 
3,131,847 



90 *). 
90 do. 



1,914,344 96 
3,661 60 
86,136 99 

1,315,143 40 

619,S84 40 



Hoy Google 



REPORTS OP THB 

Explanatory Slaiementt und Nolet — Continued. 



7. All other articles. 



Dock, Riwia 

Holland - 
Stieellns, brown, Rusia 



Oil fpeimacEti 

wbale, and other fish 
oU»e, 10 casks 

Chocolate - 
Susar, candy - 

other refinea 
FiHits— Almonds - 

Curmnis - 

Ptunes and plum 

Figs 

Baisin«, jar, and moacalel 
other 
Candles, lan<W - 

wax end speimacei) 
Cheese 
Soap 

Tallow - 
Spices— Notinees - 

CionamoB 

lEo : 

Cassia - 
Tobacco, manufactuied, Ac. 
Snuff 
Indigo 
Gtinpowder 
ErtMes 

Glue - , - 

Paints, ochre, flry - 
in on 
White and ted lead 
■Whiting and Paris white 
Lead, pig, bu, and sheet 

»hot 
Coinage, cables and tarred 
nntarred 

Copper, Toda and bolls 

nails and spikes - 
Wire iron and steel, not above No. IS 

above No. 18 
Irofl, tacks, brads, and sprigs, not above 
aboTa 16 1 
nails - - - - 

BpDtes 

anchors . - - 

pig . - - - 



2,«66 

Sie,80I 

30,3-26 

•:9,n58 

3S5,803 

3.103,416 

3,251,500 

4,071 

173 

53,1^ 

835,515 

6,613, M6 

!«,875 



70,311 

*88,Ifi8 

75,659 

,7h7,069 

S8,IIH 

,624.427 

9,37i,849 

]57,3B 

367,719 

383,304 

36,344 

3,390 

967,983 

103,316 

46,4«6 

1,350 

706,573 

83.731 

64.640 

I4,63n 

8,R93 

33,431 



tizedoy Google 



1822.] 



SECRETAUY OP THE TREASURY. 
Explanatory Statements and Notes — Continued. 









Raie 




X Ail other articles. 




Ouantlty. 


or 

doty. 


Duties. 








ft«ir 




Stttel 




11,699 


100 


«I1,699 00 


Hemp 


do. 


119,9» 


ISO 


179,890 50 


Alum - - - • . 


do. 


l,e99 


200 


3,798 00 


g-T-". : ; : : 


do. 


9.895 


100 


2,895 00 


bushels 


774,247 


& 


3B, 713 39 


Fish— foreign cmifflit, diied, &c. 

salmon, picEled - - - . 
m,iLl£etel. do, - 


tZt 


306 


100 


SOS 00 


1,282 


200 


3,564 00 


do. 


1U» 


150 


398 50 


olher do. - 


do. 


146 


100 


146 00 


aiass— bo;tles, black quart 

window, Dot above 8 by 10 inches 


gross 


11, lift 


144 


10,998 40 


■"l."- 


2,306 


2S0 


6,7ti5 00 


do. do. 10 by 12 do. 


010 


B75 


8,503 50 


do. above 10 by 12 do. 


do. 


3,756 




8,957 00 


Boots 


pure 


104 


ISO 


156 00 


Shoes and riippenh-^llc 


do. 


790 


30 


&37 00 


Icaiber, men's, &c. 


do. 


7,013 


35 


1,753 00 


children's 


do. 


3,371 


15 


340 G6 




M. 


13,478 


S60 


31,195 00 


Cards, playing 


packs 


1,300 


30 


390 00 




1,591,043 78 


From which dedocL otcess of cjcponotion ove 


impoftatJo 


n viz- 






Loafsugar ... 437 


ponads,al 


ifl ccDis S&Q 44 




Mace .... 538 


do. at 


ao do. 536 00 




Cotton .... 3,990 


do. al 


3 do. 


88 70 


65711 




1,590,386 63 



Trra&urt Departhent, 

Regulars Office, December 7, 1822. 

JOSEPH NOURSE, Segister. 



tizedoy Google 



REPORTS OF THE 



[1822. 



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1S2S.J 

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SECRETARY OP THE TREASURY. 

I 
I 









i ^SS9^ 












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t,i.a,Google 



232 REPORTS OF THE [1822. 

E. 

STA TEMENT of moneys received into the Treasitrtf, from aU sources 
other than customs and public lands, during the year 1821. 

From arrears of old inlemal revenue 

direct lax of 1798 - - - ^66125 

new inlernal revenue - - 69,027 63 

new direct tax - ' - ■ - 25,687 80 

dividend on stock in the Bank of the United Slates 105,000 00 
fees on letters patent .... 4,770 00 

postage of letters ----- 516 91 

cents coined at the mint - . . - 14,440 00 

prizes captured by public armed vessels - - 634 20 

sales of public lots in the city of Washington - 9,372 75 

return passage money of an American'seamau - 10 00 

damages recovered in an action of ejectment, in the 

district court of Vermont - - - 233 33 

vessels, &c., condemned under the acts prohibiting 

the slave trade 8,923 28 

interest on balances due by banks to the United 

States 310 35 

moneys previously advanced on account 

ofthe third census - - - $23t 18 

moneys previously advanced for build- 
ing custom-houses ■ - 716 62 
balances of advances made to the War 

Department' - - -112,430 81 

■ 113,378 61 

small Treasury notes, for vhich certificates of 7 

per cent, stock have been issued - - 324 00 

loan audiorized by act of 3d March, 

1821 - - - $4,735,296 30 

premium cot the same - - 264,703 70 



Treasury Department, 

Register's Office, December 12, 1822. 

JOSEPH NOUBSE, Register. 



tizedoy Google 



isasLj 



SECRETARY OP THE TREASURY. 



STATEMENT of the expenditures of the United States, for tke 
year 1821. 



CIVIL, HiaCBLLANEOfTB, AND DIPLOMATIC, VIZ : 



Legi^tare .... 
Executive departmeDts • 
Officers of the miat 

SnrreyiDg department • - - 

GDmniissioner of Public Buildings 
GoTemmenls in the Territories of the 
United States . - - - 

Judiciary - ■ r - 

Annaities and grants . . - 

Mint establishment 
Uadaioted merchandise - 

[^•house estaUisbmept 

Soiveys of public lands 

PiiTaleer pension fiind ... 

Trading-houses with the Indians 

Soads within the State of Ohio - 

Hands within the State of Alabama 

Road from Cumberland to Ohio. 

Koad from Wheeling, Ta., to the Missis- 

lippi river .... 
Minne hospital establishment 
PsUic buildings in Washington 
Flnida claims • - - - 

Pii^ient of claims for property lost, &c. 
hyment of balaooes to collectors of new 

internat revenue ... 
Payment of balances to certain coUectois 

of old internal revenue 
Pkyment of outstanding debentures for 

intemai duties 
PmlubitioD of the slave trade . 
Prisoners of war 

Foarth census - - . - 

Kefnnding surplus proceeds of property 

■old for payment of direct tax 
Totes for President and Vice President of 

die United States 
MiioeUaneous claims ... 
Snrreying certain parts of the coast of 

North Carolina 



$359,900 04 

606,024 19 

9,600 00 

■ 16,837 32 

1,000 00 

14,101 68 
204,829 41 

1,300 00 
45,850 00 
3,736 92 
146,584 84 
173,941 96 
1,961 54 
18,760 00 



66,320 11 

6,000 00 

66,846 48 

110,136 00 

413 60 

134 60 

2,567 06 



«) ,113,292 64 



r,ui4 10 

7,602 er 

2,684 sr 
212,000 00 




134 68 




3,199 60 
33,314 85 




3,000 00 


922,468 1 




Digt 


.a,Google 



REPORTS OP THE 



Diplomatic department - 


(M5,624 91 


Contingent expensesof foreign intercourse 


21,662 77 


Relief and protection of American seamen 


33,5114 36 


Treaty of Ghent . - - 


29,522 66 


Treaties with Mediterranean powers 


13,896 16 


Treaty with Spain 


tlfm 00 


HILITABT DEPA&THENT, VIZ! 


Pay of the army 


1,154,555 86 


Sulwistence .... 


354,664 67 


Forage . - - - - 


31,840 00 


Clothing .... 
Medicaland hospital department 


276,565 25 


12,606 00 


Contingent expenses 


40,000 00 


Ordnance .... 


806,260 00 


Fortifications . . - - 


602,1X10 00 




466,380 50 


Military Academy at West Point 


59,286 79 


Arrearages of outstanding claims 


30,000 00 


Survey of the watercourses west of the 




Mississippi - - . - 


4,600 00 


Survey of the Ohio and Mississippi rivers 


6.000 00 


Pay of disbanded officers and soldiers - 


60,000 00 


Balances due to certain States . 


350,000 00 


Boundary line of Indian cessions 


15.(100 00 


Indian department 


330,206 44 


Civihzation of Indian tribes 


10,000 00 


Road through the Creek nation, between 




Georgia and Alabama 
Relief of John Harding and others 


3,300 00 


180 OO 


.Toseph Bruce . 


66 00 


Thomas C. Withers - 


370 00 


Daniel Converse and George 




Miller 


35 00 


Military pensions 


212,817 25 


Half-pay pensions to widows and orphans 


30,000 00 


Arming and equipping the militia 


200,000 00 


Treaties with Indian tribes 


118,060 00 


Survey of the coast of the United Slates - 


103 71 


NAVAL »EPARTME(*T, VIZ: 


Pay and subsistence of officers, and pay 




of seamen .... 


983,326 26 


Provisions .... 


337,831 00 


Medicines .... 


32,000 00 


Repairs of vessels 


476,000 OO 


Ordnance .... 


25,000 00 


Contingent expenses . - 


200,000 00 



,Google 



1822J SECRETARY OP THE TREASURY. 

Pa.y and subsistence of the marine corps - ^169,393 00 

Clothing for the marine corps - - 30,636 31 

Fuel for the marine corps - - 6,857 60 
Qoanermaslers, and contingencies of the 

marine corps - . . . 14,000 00 

Giadnal increase of the navy • - 960,000 00 

Nary yards .... 86,000 00 

Building small vessels of war • - 10,000 00 

Kemovingcbslructions in the river Thames 160 00 



/OBLIC DEBT, VIZ: 

Interest and reimbursenaent of domestic 

debt - - - - 6,623,331 38 

iDlerest on Lonisiana slock • - 36,660 88 

Redemplioti of Louisiana stock - - 62,071,360 00 

Piyment of certain parts of domestic debt 54 46 

Reimbursement of Mississippi slock - 634,022 63 

Principal and interest of Treasury notes 1,774 38 



$19,090,672 69 



Tbeasurt Drpartment, 

Register's Ofict, Dteemher 14, 1822. 

JOSEPH NOURSE, Regiater. 



tizedoy Google 



REPORTS OP THE 



STATEMENT of lands sold, and of moneys received tm account of 
public lands, from the \st January, 1823, to tke 'iOlh June, 1822. 







Amount received. 


Expenses. 




OOixs. 


LandaEold 

in the firs) 
iwo quar- 
ters oJ-M 


Ill 

M 


pllj 


1 


II 

Hi 
pi 


if 

ill 


PaymeDK 
made into 
the Trea- 
sury. 




Acres. 




Marielta - 


1 ,449.1)7 


#1,811 30 


S3, 513 79 


84,325 09 


$604 43 




83,053 53 


Zetnesville • 


7,090.58 


8,850 71 


9,386 62 


19,237 33 


1,009 24 


Sioooo 


9,333 09 


SteubeovillG - 


1 ,90D.-n 


14,000 90 


6,418 34 


19,419 34 


1,410 72 




18,340 63 




4,964. OS 


6,305 03 


6,016 3U 


12.251 3S 


894 25 




11.400 01 


Ciocionaii - 


,313. 3-J 


4,141 65 


22,118 5f 


26,260 23 


1,180 20 


30 64 


20,29; 74 


Woosler - 


6,305.24 


7,881 54 


9,093 30 


15,974 74 


846 21^ 




15,753 58 


D^atsre - 


l,We.35 


3,302 95 




3,203 95 


53185 






39,»3.» 


49,941 81 




49,941 81 


1,596 6« 




67,440 79 




7,632.01 


9,540 03 


14,716 35 


24,356 38 


1,237 23 




58,140 47 


Vincennes - 


6,66G.24 


8,33-2 88 


12,311 82 


20,644 70 


1,356 35 




17,140 53 


Brookvillc - 


51,033.78 


63,809 13 




63,809 13 


3,449 74 




98,069 69 


Terre Haaie - 


9,931.1 


12,413 93 




12,413 93 


381 00 






Kaskoskia ■ 


1,341.41 


I,G76 76 


3,401 73 


5,078 49 


664 20 




5,783 50 


Shawneelowii 


1,349.31 


1,086 64 


7,393 27 


9,079 91 


789 75 




9,590 20 


Edwards fiUe 


4,169.89 


5,212 35 


3,230 93 


7,443 28 


1,128 45 




7,690 00 


Vandalia - 


i.iao.oo 


1,400 0( 




1,400 00 


574 41 




500 00 


Paleslioe - 


1,859.52 






3,fi22 25 


G60 08 






Deiroii 


6,860.27 


8;575T 


566 29 


9,143 02 


651 66 




5,800 00 


Si. Louis 


7,394.01 


9,359 86 


7,015 59 


16,375 45 


654 57 




17,219 56 


Praoklin 


5,910.05 


7,387 57 


5,795 13 


13,183 70 


1,676 44 




18,368 75 


CapeQirardeav 


5,643, M 


7,164 41 




7,164 41 


3,613 51 




40,094 77 


Lawrence co. 










500 00 






Arkansas 


258.-35 


322 81 




3^81 


699 95 




3,819 00 


OMchila - 


2,272.85 


2,811 06 




2,841 06 


560 63 






Opelonsas - 
NW Orleans - 










500 00 






79,741.aJ 


99,694 63 




99,694 53 


2,900 08 






Sl.Helenac.h. 










600 00 
















861 55 




9.010 34 


rSE: 


6,389.44 


7,936 72 


19,774 12 


27,760 81 


1,526 32 


2,128 76 


24,775 00 


3,458.82 


4,3(6 05 


4,630 48 


8,936 53 


1,446 32 




11,790 83 


Cahaba 


37,471.41 


34,339 23 


70,002 43 


104,341 65 


14 25 




3,315 59 




12,438.7- 


15,548 50 


1,423 01 


16,970 60 


l,7fiU 48 




38,266 69 




64,894.97 


81,088 69 




81,068 69 


964 09 


199 96 


200.680 34 


CoDnecalic.h. 






- 




500 0( 








383,8S9.63 


(80,355 02 


M2,ffil6 9G 


6W3,181 98 


36,535 63 


2,447 3d 


705,533 53 



AmotiDt of muiie^ received from the Isljanuary, 1823, to the 30(h June, 1823 8683,181 98 
lncidenlalexpenscs,inclLidingcominis^oQsaDd salaries - - 836,535 53 

Repaymenls made to individuals ..... 2,447 36 

NeU proceeds of lands in the 6rst two qnaiten of 1^3 ■ ■ . . 

The payments made into the Treasury Aom the Isl of January, I8SS, to theSOlh 

Jane, 1833. anwnnl to . - - - .'.' . 

Those made from 1st July, 1832, to the 30th September, 1833 ■ 

Toul from Isl Jannaiy, 1^ to the 30th September, 1833 



644,199 09 


8705,533 53 
693,963 04 


1,398,484 56 



JOBN McLEAN, 



SECRETARY OP THE TREASURY. 



■ H. 

STATEMENT of moneys received inlo the Treasury,from allsourcea 
^ titAer than customs and public lands,/rom ^st January to 30/A Sep- 
Umber, 1822. 

From arrears of old internal revenue - - $121 11 

direct tax of 1798 - - - 863 22 

new internal revenue . - . 56,863 97 

new direct tax - - - - 16,266 92 

dividends on stock in the Bank of the United States - 297,50U 00 

fees on letters patent ----- 4,960 00 

postage of letters - - - - - 602 04 

cents coined at the mint - . - . 9,694 1)0 

vessels, &c. condemned under the acts prohibiting the 

slave trade . . - . . 1,607 86 

interest on balances due by banks to the United States 643 72 

nett proceeds of gunboats sold per act of 37th Pebmary, 

1817 - 8,381 68 

moDeys previously advanced on account 

of the third census - $12 84 

Do. military pensions 2,087 29 

Do. roads under the treaty 

of Brownstown • 678 31 

Do. balances of advances 

made to the War Department 
under 3d section 64,667 82 

Do. balances of sppropria- 

lions for the War Department 
returned to the Treasury and 
carried to the surplus fund, un- 
der the act of 1st May, 1820 84,282 16 
Do. balances of appropria- 
tions for the Navy D^ikrtment 
returned to the Treasury and 
carried to the surplus fund un- 
der the act of 1st May, 1821) 267,169 30 

408,797 68 

$797,991 M 

Treasobt Dbpartment, ' — 

Reeialefa <Mce, December 12, 1822. 

JOSEPH NOURSE, Regialtr. 



tizedoy Google 



REPORTS OF THE 



STATEMENT of expenditures of ike United SlaCes,/rom the Ui of 
January to the 30lk September, 1822. 

CIVIL, MISCELLANEOUS, AND DIPLOMATIC. 

Legislature .... ^69.790 61 

Executive Departmenta - - 346,390 94 

Officers of the mint - - - 7,200 00 

Coniinis.sioiier of the Public Buildings . 1,178 08 

iSarveyiitg depRrttnent ... 6,88^ 50 
GoTerumeuta in the Territories of the United 

Slates ..... 9,200 00 

Judiciary 160,143 69 

1900,785 72 

Annuities and grants ... 1,6&7 13 

Mint establishment ... - 8,000 00 

Unclaimed merchandise . • - 698 49 

Light-house establishment ... 128,197 27 

Surveys of public lands - - - 66,735 00 

Privateer pension fund - - - 1,221 62 

Appropriation of prize moDey 634 20 

Troding-hotises with the Indians - - 9,670 60 

Roads within the State of Ohio - - 3,257 54 

Roads within the State of Alabama - - 800 00 

Roads within the State of Indiana - - 32,629 46 

Marine hospital establishment - - 33,969 21 

Pubhc buildings in Washington - • 97,761 63 

Building; custom-houses ... 1,319 26 

Florida clnims .... 141 17 
Payment of balances to collectors, (new internal 

revenue) - . . . . 517 93 
I^yment of balnnces to officers of old internal 

revenue and direct tax - - - 2,234 82 

Prohibition of the slave trade - - 22,820 42 

Prisoners of war - - - - 2,069 87 ' 

Payment of certnin certificates - - 2,029 43 

Pnnting the journal of the convention - 542 66 

Payment of claims for property lost - - 66 00 I 

Survey of the coast of Florida - - 150 00 ! 

Refunding duties on distilled spirits • - 96 62 ,1 

Miscellaneous expenses ... 87,210 60 I 

• 505,218 ra '■ 

Diplomatic department - - - 86,023 30 

Contingent expenses of foreign intercourse - 7,260 00 

Relief and protection of American seamen - 7,643 39 

Treaty of Ghent .... 13,492 24 

Treaty with Spain .... 14,277 86 

Treaties vriih Meditenaneaii powers - 1,843 00 



tizedoy Google 



1822.] SECRETARY OF THE TREASURY. 



MILITART DEPARTMENT, VIZ : 

Pay of the army - - . . $866,050 68 

Sobsistence . . , . 183,276 61 

Forage ----- 12,633 96 

CSothing 131,435 33 

Hedicarand hospital department • - 13,409 83 

Contingent expenses of War Department - 4,017 33 

Ordnance department - - . 263,539 28 

FortiScations .... iii,i08 87 

Qoartermaster's department - . 318,201 98 

Military Academy at West Point - - 2,492 43 

Brigade of noilitift - . . . 10,693 38 

Sarreys of ports and harbors - - 3 50 

Hedals for officers of the army - - 4,090 00 

Sew roofe for the barracks at Carlisle - 3,500 00 

jlnearafes of outstanding claims - - 108,652 10 

Mips, plans, &c. of War Office - - 140 22 

CompletingtheroadlhroughGeorgia - 321 01 

Relief of Gen. James Wilkinson - - 2,926 59 

Joshua Newsom, and others - 647 80 

Eiias Parks - . . 2.284 00 

John Anderson - - - 1,300 00 

Wilham Gwyn ■ - - 47 50 

William E. Meek - - 1,279 87 

Cornelius Huson - - - 250 00 

William Henderson - - 2,765 flO 

James Pierce - - - 430 00 

Greenberry H. Mnrphey - - 1,490 30 

Mitia courts-martial, Col. Wood, President 762 84 

Thos. C. Miller, do. 1,494 65 

T. More &. D. Fore do. 606 69 

Gen. Steddiford do. 17,839 24 

tepoirs and contingencies of fortifications -' 3,192 32 

Fort Delaware - . . . 8,400 00 

Fort Mod roe - - . 27,592 33 

Fort Washington - - . - 12,685 56 

Fort Calhoun - - . . 17,400 00 

Fort at the iUgolets - . . . 48,006 84 

Birracks at Kiton Rouge - - 8,108 16 

Kohile Point - . . . 1^993 ig 

Surrey of the Ohio and Mississippi rivers - - 376 00 

Anenal at Baton Rouge - - ■ 3,000 00 

Uterials for a fort opposite to Port St. Philip 800 00 

Balanef] due to the State of Maryland - 627 00 

Kdief of William Dooley - - - 306 80 

Bdief of the Planters' Bank, Nev Orleans • 8,496 70 . 

Bounties and premiums • . . ^718 90 

PieserraUon of anns ... ^200 00 

Anny supplies - - . - 820 Ot) 



tizedoy Google 



BEPOKTS OF THE 



Expenses of arsenals 


. 


$685 60 


B«pairing arms - 




2,841 06 


Repairs of arsenals 




89 81 




1,660 00 


Arming and equipping the militia 


332,466 44 


Gratuities, &c. - 




392 28 


Armories - 




94,00U 00 


Cannon, shot, Sec. 




1,000 00 


Expenses of recruiting 




21 33 


Revolutionary pensions 




1,642,690 94 


Military and half-pay pensions 


300,936 90 


Indian department 




162,984 67 


Civilization of the Indians 


1,373 80 


Annuities to Indians, per act 6th May, 1796 


14,605 64 


Do. 


asth Feb. 1799 


16,332 19 


Do. 


3d March, 1805 


1,000 00 


Do. 


21st April, 1806 


31,167 ir 


Do. 


3d March, 1807 


661 11 


Do. 


19th Feb. 1808 


10,000 00 


Do. 


1st May, 1810 


4,200 00 


Do. 


3d March, 1811 


2,235 07 


Do. 


26fh April, 1816 


60 00 


Do. 


2d March, 1817 


38,716 44 


Do. 


3d March, 1821 


29,454 01 


Do. 


3d Morch, 1819 


117,050 00 


Do. 


8th Jan., 1821 


60,760 47 


Do. 


16th May, 1820 


6,000 00 


Do. 


7th May, 1822 


16,100 00 


Do. 


7th May, 1822 


18,107 10 


Treaties with the Creeks and Cheroltees - 


26,010 43 


Treaties with the Creeks 


. 


8,331 27 


Pay of Indian agents 




7,000 00 


Pay of sub-agents 




3,760 00 


Presents to Indians 




4,936 69 




»6,168,289 66 


Prom which deduct the 


following repay 




ments, viz: 






Expenses of recruiting 


812,246 69 




Balances due to certain States 120,433 26 




Bounties and preminms 


29,006 68 




Mobile Point 


12,660 00 




Gratuities 


16,469 16 




Cannon, shells, dec. 


8,478 96 




Arsenal at Baton Rouge - 


4,690 39 




Powder magazine at Frank 






ford, Pennsylvania 


17 60 




Survey of the Ohio 'sltA 






Mississippi rivers 


1,251 «0 





t,i.a,Google 



183S.] 



SECRETARY OF THE TREASURY- 



Sorvey of watercourses in 

Mississippi 
ReliefofT.C. Withers - 
Relief of J. Harding 
Boaodaiy line between the 

U. States atid the Creeks 
Boundary line of 80i:eral 

cessions 
Claims against the Ossages 
Araeyal at Waterrliet 
Treaty with the Indians 

ID Mississippi - 



$184 46 
187 00 
ISO 00 



15,000 00 

3,682 50 

334 69 



$228,078 98 



$4,930,210 68 



NATAL DEPARTUEMT, TIZ: 



ftiyof Ihe navy - - - . 

FWisions - - . . 

VediciDes - . . . 

Repairs of vessels ... 

Ordnance - - . , 

Pni^l and contingent expenses - 

.Navy yards .... 

SnperiDteDdents, &c, 

Uborers, &c .... 
Oradaal increase ... 

hf and subsistence of the marine corps - 
Qothing of the marine corps 
Pud for the marine corps 
QDartermaster's stores, and contingencies 
of the marine corps 



Prom which deduct the following repay- 

aeois, viz: 
Beads to which they apply — 

Pmdiase of timber - $11,584 67 

Ke^is o[ vessels damaged 
in •ction - - . 964 00 

SbM,shelIs,andmi]itary8tores 25,910 70 

Kqnirs of the Constetfation 450 00 

Snenty-fours and frigates - 4 00 

Survey coast of North Caro- 
lina - - - 430 38 

mdowB and orphans of per- 
loos aa board the Epervier 7,481 70 

IGitary stores, marine corps 10,825 16 



533,071 56 

113,649 99 

10,476 42 

217,279 59 

822 81 

141,062 54 

34,663 76 

19,225 71 

9,703 01 

426,483 09 

48,192 43 

26,277 60 

724 95 

15,990 13 

1,696,623 48 



57,670 60 



1,638,952 88 



tizedoy Google 



REPOaTS OF THE 



PUBLIC DEBT, VIZ : 



Interest, &c. domestic debt - - $4,163,656 47 

Redemption of Louisiana stock - - 5,294 12 

Reimbursement of Mississippi stock - 23,388 94 

Certain parts of domestic debt - - 438 99 

BedemptioD of 6 per cent, stock of 1796 - 80,000 00 
Principal and interest of Treasury notes - 277 00 



$4,273,055 52 



$12,278,653 32 

TaEAacEY DEP4RTME^^^, 

Register's Office, December 14, 1822. 

JOSEPH NOURSE, Register. 



tizedoy Google 



SECRETARY OR THE TREASURY. 



$17,833,746 ^ 



STATEMENT of the funded debt of (he United Slates, on the 1st 
October, 1821. 

Deferred stock, (unredeemed amomit) - $1,783,267 66 
Three per cent, stock - - - 13,295,956 04 

Six per cent, stock of 1796 - - 80,000 00 

Exchanged six per cent, stock of 1812 - 2,666,974 99 
LooisiaDa six per cent, stock, amount tin- 
applied for ■ - - . 5,658 15 

Six per cent, stock of 1812 - - fi,lS7,006 84 

Six per cent, stock of 1813 (16 milliops) - 15,521,136 45 

Six per cent, stock of 1813 (7^ miUionsl - 6,836,232 39 

Siipercent. stock of 1814 - - 13,011,437 63 

Six per cent, stock of 1815 - - 9,490,099 10 

Treasury note six per cent, stock - 1^64,896 07 

Treasury note seven per cant, slock - 8,606,355 27 
Fire per cent, stock, (subscription to Bank 

United States) - - - 7,000,000 00 

Six per cent, stock of 1820 - - 2,000,000 00 

Rre per cent stock of 1830 - - 999,999 13 

Rre per cent, stock of 1821 - - 4,735,296 30 



XoTE. — ^The estimated amount, per No. 1 of the Secretary's 
report of last year, was - - - * - 

Ta vhich add this sum, then overestimated, as reimburse- 
t^ai of defeiTcd stock . . . . 

iiaking, as above 



75,852,453 18 
#93,686,205 02 

993,686,096 74 



• #93,68 6,205 02 

Tbeascrt Department, 

Register't Ogke, December 2, 1822. 

JOSEPH NOURSE, Regi^er. 



tizedoy Google 



REPORTS <?F THE 

No. 2. 



STA TEMENT of the debt of the United States, 
1822. 

Deferred stock, (unreaeeined amouol) - 81^86,077 «6 

Three per cent, stock - - - 13,295,956 04 

Six per cent, stock of 1795 - - 80,000 00 

lixchanged six per cent, stock ot 1812 - 6,668,974 99 

Six per cent, stock of 1812 - - 6,187,006 84 

Six per cent, stock of 1813 (16 millions) - 15,521,136 45 

Six per cent, stock of 1813 (7^ millions) - 6,83(5,232 39 

Six per cent, stock of 1814 - ■ 13,011,437 63 

Six per cent, stock of 1815 - - 9,490,099 10 

Treasury note six per cent, stock - 1,465,286 47 

Treasury note sev«n per cent stock - P,.606,3M 27 
Five per cent, stock, (subscription to Bank 

United States) - - - 7,00(1,000 00 

Six per cent, stock of 1820 - • 8,000,000 00 

Five per cent, stock of 1820 - - 999,999 13 

Five per cent, stock of 1821 - - 4,735,296 30 



[1822. 



n the l«f of ^nvaryf 



■ Sl*,571,008 09 



75^52,848 68 



Amoiliit of the debt, per statement No. 1, on Isl October, 



Add Treasury note six per cent, stock, iwaed in ibe fburtfa 
quarter of 1821 . . - . . 



893,686,206 02 



Deduct raiiabureemeDt of the deferred stock 

on the 31st December, 1821 - - $257,180 60 

And payment of Louisiana stock, which, on 

the l3t of October, 1821, had not been 

applied for - - - - 5,66& IE 



93,686,59& 42 



- $93,423,856 67 



Amount, as above, on Ist January, 1822 - 

Treasury Department, 

Register>a Office, December 2, 1822. 

JOSEPH NOURSB, Register. 



tizedoy Google 



1822] SECRETARY OF THE TREASURY. 345 

No. 3. 
ESTIMATE of the funded debt of the United States, Ut October, 

1822, and lat January, 1823. 
On the Isl October, 1822: 
Deferred stock, (unredeemed amount)- 31,2^6,097 04 
Three per cent, stock - - - 13,296,099 06 

Exchanged 6 per cent, stock - - 2,668,974 99 



Six p«F cent, stock of 1812 - - 6,187,006 84 

Six per cent, stock of 1813. (16 millions) 15,521,136 45 

Six per cent, stock of 1813, (7^ millions) 6,836,232 39 

Six per cent, stock of 1814 - - 13,011,437 63 

Six per cent, stock of 1816 - 9,490,099 10 

TVettniry note 6 per cent, stock - - 1,465,285 47 

Treasury note 7 per cent stock - - 8,606,355 27 
Fire per cent, stock, subscription to 

Rank United States - -. - 7,000,000 00 

Six per cent, stock of 1820 - - 2,000,000 00 

Five per cent stock of 1820 - - 999,999 13 

Fire per cent, stock of 1821 - - 4,735,296 30 



- $17,190,171 09 



75,862,848 58 

AmouDt - - - $93, 43,019 67 

Amount as slated, 1st January, 1822 - - - $93,423,856 67 

Add three per cent, stock, issued since - - 143 02 



$93,423,999 69 
Deduct reimbursement of deferred slock $300,980 02 
Payment of the 6 per cent, slock of 
1796 ..... 80,000 00 



380,980 02 

As above. 1st October, 1822 .... $93,043,019 67 
Estimated amount of payments in fourth quarter, 1822 : 
Reimbursement of deferred slock . $265,588 07 
Payment of the 6 per cent, stock of 

1820 2,000,000 00 

2,265,588 07 



Estimated amount of the debt, 1st January, 1823 ■ $90,77 7, 431 60 

Note. — The following sums, included in the above statement, were sur- 
rendered on the 1st October, and exchanged 5 per cent, stock issued in 
lieu thereof, under the act of the 30th April, 1822, viz: 
Six percent, stock of 1813 - . . - $46,704 77 

Six per cent, slock of 1814 - - - . 10,000 00 

$56,704 77 



Tkeasort Department, 

Begiattr'a Office, Dtcember 2, 1822. 

JOSEPH NOURSE, Htgitter- 



•46 REPORTS OF THE [1S22. 

No. 4. 

ESTIMA TE of the amount of Trcasunj notes. 

Outstanding, 1st October, 1S22: 
Totol amount issued, (as per No. 4, of lost report) - l$36,680,794 
Cancelled and reported upon by the First Auditor - 36,653,357 



or which, there appears to be in small notes - - $2,917 

Notes l)ef\ring interest ----- 34,520 

9 87,437 

Treasury Department, 

Register's Office, December 2. 1622. 

JOSEPH NOURSE, Kegitler. 



No. 5. 

STA TEMENT of stock isstied under the ad of Congress entitled " An 
act supplementary to the act for the indemnification of certain claim- 
ants of public lands in the Mississippi Territory, passed on the 3t/ 
March, 1815. 

Amount of claims awarded, as per statement No. 5 of 

last report - - - - - -$4,282,151 12^ 

Whereof, there was paid in for lands, 

per last report - . - - 

Paid in since - - - - 

Payments at the Treasury to the 30th 
September, 1821, per said statement 

Payments at the Treasury from the 1st 
October, 1821, to 30th September, 1822 ■ 

Bajance, 1st October, 1822, consisting 
of certificates outstanding 
Awards uot applied for 



TREAauRT Department, 

Registet's Office^ December 2, 1822. 

JOSEPH NOURSE; Register. 



sa 


1,442,535 39 
6,000 00 




SI 


,734,490 85 








73,388 91 


1,807,879 


79 




323,949 00 
2.786 94i 










20,735 


94J 






«4,2S2,151 


J3 



t,i.a,Google 



3823.] SECRETARY OP THE TREASURY. 



REPORT ON THE FINANCES. 

DECEMBER, 1823. 



In obedience to the directions of the "Act supp.etnentary to the act lo 
establish the Treasury Department," the Secretary of the Treasury respect* 
fiilly submits the following report : 

9 TBB TEAKS 1822 

The njtt revenue which accrued fiomduties on imports 
and lonnasre, during the year 1822, amounted (see state- 
OKiit A) tti' ^>20, 500,775 91 

The actual receipts into the Treasitry during the year 

1822 amounted to $20,232,427 94 

Viz. 

Customs, (statement A) - - 817,689,761 94 

Public lands, exclusive of Mississippi 
slock, (statement D) - - - 1,803,581 64 

Dividends on stock in the Bank of the 
L'oited States - - - 297,500 00 

Arrearsofinternaldutiesanddirecttox, 
tnd incidental receipts, and repayments 
aoderactoflstMay, 1820, (statement E) 541,534 46 

Making, with the balance in the Treasury on the Ist 
of January, 1822, of 1,681,692 24 

Anaffgregateof .... $21,914,02018 

The expeacutnres, during the year 1822, amounted 

(Ktatement F) to 17,686,692 63 

Viz. 
Civil, diplomatic, and miscellaneous • $1,967,996 24 
Military service, including forlifica- 
tioDs, ordnance, Indian department, revo- 
Intionary and military pensions, arming 
the militia, and arrearages prior to the 
1st January, 1817 - - - 5,635,188 29 

Naval service, including the gradual 
increase of the navy - - - 2,224,453 98 

Public debt ... - 7,848,949 IS 



Leavinz a balance in the Treasury, on the 1st January, 
1823, of 4,237,427 5S 

The actual receipts into the Treasury 
during the first three quarters of the year 
1823, are estimated to have amouolcd to $16,174,035 26 
Viz. 

Customs - - $15,019,392 74 



tizedoy Google 



949 REPORTS OF THE [1823. 

Public lands, exclusive of 
Mississippi stock, (G) _ - $657,505 73 

Dividends on suxx in tfaa 
Bank of the United States - 350,000 00 

Arrears oi internal duties 
and direct tax, and incidental 
receipts, (statement H) - 102,72(5 15 

Repayments of advaaces 
made in the War Department 
for services or supplies prior to 
]st July, 18L6, (statement H) 44,410 6-1 

The actual receipts into the Treasury dur- 
ing the fourth quarter, are estimated at - 4,870,000 00 

Making the total estimated receipts into the Treasury, 
during the year 1823 $20,444,035 26 

And with the balance in the Treasury, on iho Ist of 

January, 1823, forming an aggregate of - - - 24,681,462 81 

The expenditures duiing the first three quarters of 1823, 
are estinu^ed to have amounted to (I) $11,422,647 30 
Viz. 

Civil, diplomatic, and mis- 
cellaneous - - - $1,510,735 14 

Military service, inciading 
fortifications, ordnance, Indi- 
an department, revolutionary 
and military pensions, arming 
the militia, and aneaiages 
priorto the 1st January, 1817 4,383,716 62 

Naval service, including 
gradual increase - - 1,776,989 37 

Public debt - - 3,751,407 17 



■The expenditures during the fom-th quar- 
ter are estimated at • - • 
Viz. 
Civil, diplomatic, and mis- 



$439,704 11 

Military service, including 
fortifications, ordnance, In- 
dian department, revolution- 
ary and military pensions, 
artning the militia, and ar- 
rearages prior to the let of 
January, 1817 - - 899,449 93 

Navalservice, including the 
grachial increase of the navy 726,776 46 

Public debt ■ - 1,77^29 24 



Making the total estimated expenditure of the year 1823 15,317,407 00 
And leaving in the Treasury, on the Istof January, 1824, 
an estimated balance of - - - . . $9,364,055 81 

DigtizedoyGOOJ^Ic 



1823.) SECRETARY OF THE TREASURY. 249 

After deducting from this sum certain balances of appTOfHiations, amount- 
ing to $2,897,0SB 47, which are necessary to effect the objects for which 
tbey were severally niadC; or have been deducted from the esdinates for the 
service of the ensuing year, a balance of $6,466,969 30 remains; which, 
with the receipts into the Treasury during the year 1824, constitutes tha 
means for defraying the current service of that year. 



II. OF THE POBLIC DEBT. 

The funded debt, which was contracted before the year 1812, and which 
was uoredeemed on the Ist day of October, 1822, amounted (see statement 
No. 11 to $17,189,862 60 

And that which was contracted subsequently to the 1st of 
Jaouaty, 1813, and was unredeemed on the Ist October, 
1S22, amounted (sUitement No. 1] to - - ■ 75,852,648 G8 



Making the total amount of funded debt unredeemed on 
flie Isi October, 1822 - , . . . 93,042,701 18 

In the fourth quarter of that year, thete was paid the 

waiof 2,365,673 32 

Viz. 
Beiiuburseinent of six per cenL de&iied 
»cit - - - . - $265,673 32 

Aedemptian of six p^ cent stock of 
iSao 2,000,000 00 

RBducin? the funded debt, on the 1st 



hanary, 1823, (statement No. 2) to - ■ - 90,777,027 86 

Prom that day to the Ist October last, there was added 

b the debt: 
In three per cent, stock - - - $132 39 

Treasury note six per cent, stock - 1,561 87 

Treasury note seven per cent, stock • - 135 00 

, 1,829 26 

Making an agifregate of - - - - 90,778,857 12 

During the aaiae period there was paid, in reimburse- 
meat of tnc deferred six per cent, stock . - . 327,022 88 

Beducinfj the funded debt, on the 1st October, 1823, 
;«a(ement No. 3) to .... -90,451,83424 

SitKe that day, there has been added, in Treasury note 
Jii per cent, stock - - - - - - 716 75 

Making an a^regate of - - - - - 90,452,550 99 

h is estimated that the reimbur^ment of deferred stock, 
m the fourth quarter of the present year, will amount to - 274,588 85 

Which will reduce the funded debt, unredeemed on the 
taJanuary, 1624, to 90,177,962 14 

The nmoant of Treasury notes outstanding on the 1st 
Odober, 1823, is estimated (No. 4) at - - - 26,122 00 

And the amount of Mississippi stock unredeemed on that 
isf, (statement No. 6) at - . - . . 21,25 8 87 



tizedoy Google 



260 REPOETS OF THE [1823. 

in. OF THE ESTIMATE OP THE PUBLIC BEVENVB AND EXPEHDITUBK FOR 
THE TEAR 1824. 

It will be perceived that the actual receipts of the year 1823 agree, sub- 
stnntiaUy,.with the estimate presented in the last annual report. The only 
deficiency is in the proceeds of the public lands; and that b understood 
to have been the consequence of an expectation, generally entertained, that 
the lands which were rehnquished under the act of the 2d of March, 1881, 
and which are supposed to present the strongest inducements to ptirchaseis, 
would be brought into market early in the ensuing year. With respect to 
the customs, however, the anticipations that had been fortned, both as to 
the circumstances which were calculated to have on infioence upon their 
productivftness, and as to the results, have been completely realized. It is 
believed, therefore, that data, founded upon the same principles as those 
which governed in forming the estimate for the year 1323, may be satisfac- 
torily presented as the basis of on estimate for the year 1824. 

With this view, the Secretary has the honor to state — 

1st. That the gross amount of duties on imports and Cotumge, which ac- 
crued from the 1st January to the 3Uth September last, inclusive, is esti- 
mated at ®17,800,000; and that of the whole year, at $21,000,000. Of this 
sum, that portion which accrued in the first half of the ye«r is about 
$1,000,000 less than that of the same period in the preceding year; and 
that which accrued in the first three quarters of the year is estimated at 
$1,700,000 less than tliat of the corresponding quarters of the preceding 
year, 

2d. That the debentures issued during the first three quarters of the year 
1823 amounted to $3,412,000; which exceeds the amount issued during 
the corresponding period of the year 1822 by $1,600,000 : and the amount 
of debentures outstanding on the 30th of September last, and chargeable 
upon the revenue of 1324, was $1,405,000; which is $500,000 more than 
was, on the same day in 1822, chargeable upon the revenue of 1823. 

3d. That the value of domestic articles exported from the United Slates, 
in the year ending on the 30th September lost, amounted to $47,155,711 ; 
being $2,718,368 less than those exported in the year preceding: and the 
value of foreign articles exported in the year ending on the 30lh of Septem- 
ber last was $27,530,469; being $5,244,267 more than those exported in 
the preceding year. 

4lh. That the aggregate value of the imports into the United States, du- 
ring the year ending on'the 30th September last, is estimated at $77,486,432 : 
which is less, by $9,755,109, than those imported in the preceding year. 

5th. That the amount of custom-house bonds in suit, which on the 30th 
September, 1820, was $3,130,000, was, on the same day in the year 1822, 
$2,795,000; and in the year 1833, $2,817,000: whence it appears, that, 
although a reduction of $313,000 had taken place during the whole period, 
yet thaamount in suit on the 30th September last was greater, by $22,000, 
than on the same day of the year preceding. 

Upon a consideration of all these facts, and tlie conclusions deducible frorr 
them, the receipts from the customs in the year 1824 may be (slimated a 
SI 6,500,000. 

A considerable portion of the lands relinquished under the act of 2i 
March, 1821, will be brought into market in the ensuing year; but as it is ye 
uncertain to what extent this may be deemed advisable, and as the sale c 
these lands will probably absorb a great portion of the means of those wh 



„Gooj^Ic 



lazaj SECRETARY OP THE TREASURY. 251 

are pr^iared to make ioTestinraits in the public lands, it is considered pru- 
dent not lo estimate the receipts from this source of revenue at more than 
I,6U0,000 dollar^ although it is believed that they will exceed that sum. ~ 
Uader these circumstances, the receipts of the yeur 1824 may be esti- 
maled as follows : 
Oostoms ..... $16,500,000 
Public lands .... 1,600,000 
Baak dividends ... - 350,000 

IncideDtaJ receipts, including arrears of 
internal duties and direct tax • - 50,000 

Repayments of advances made in the Wat 
Department, for services or supplies prior to 
1st July, 1816 .... 50,000 



Making together $18,560,000 00 

To nrhich is (0 be added the sum of - - 0,466,969 30 



Remainiug in the Treasury afler satisfying all the appro- 
priations chargeable upon the means of 1823; which makes 
ibe sDtire means of 1S24 amouat to • • 26,016,969 30 

The expendiLores of the year 1824 are estimated as 
follows ; 

Qvil, diplomatic, and miscellaneous $1,814,067 23 

Mihtary service, including fortifications, 
iHdoance, Indian department, revolutionary 
and military pensions, arming the militb, 
ind arrearages prior to 1st January, 1817 .5,122,268 15 

>'aval service, including the gradual in- 
CT«ase of the navy . - . 2,973,927 51 

Public debt - - - 5,314,000 00 

Making an aggregate of - - . - 15,224,252 89 



Which being deducted from the estimated means of 1 824, 
»fll leave in the Treasury on the 1st of January, 1825, after 
atisfying the current demonds of the year 1824, a balance 
atimated at 9,792,716 41 



Under the existing laws, there is no probability that any portion of the 
baknce remaining in the Treasury on the 1st January, 1824, or of the sur- 
^luswhich may accrue during that year, can be applied to the discbarge of the 
pablic debt, imiil the 1st of January, 1826 : yet it is not deemed conducive 
10 the general prosperity of the nation that so large an amount should be 
•irawn from the hands of individuals, and suffered to lie inactive in the 
vaults of the banks. Ou the other hand, the high rate of interest of the great 
■mount of debt which becomes redeemable on the 1st of January, 1826, 
readers it inexpedient for the Government to apply to other objects any por- 
tiou of the menus which it may possess of making so advantageous a reim- 
barsement. It is believed, however, that every inconvenience may be obvi- 
Ued, if authority be given for the purchase of the seven per cent, stock, 
amounting to 8,610,000 dollars during the year 1824, at such rates as may 
be coDsistent with the public interest. As it is now certain that the Govem- 
ment will possess ample means to redeem that stock on the 1st of January, 



, Google 



3B« REPORTS OF THE [1833. 

1835, it is presumed that the holders will be willing to dispose of it, 
during the interval, at a fair price ; and as a gradual conversion of it into 
money, at such times and in such portions as would be most favorable to its 
reinvestment, would be roost advantageous to the moneyed transactions of the 
community, it is presumed that it would be most acceptable to the holders. 

It is therefore respectfully proposed, that the commissioners of the sink- 
ing fund be authorized to purchase the seven per cent, stock, during the 
ensuins: year, at the following rates above the principal sum purchased : 

1st. For all stock purchased before the Ist of April next, at a rale not 
exceeding $1 25 on every 100 dollars, in addition to the interest due on 
such stock on that day. ; 

2d. For all stock purchased between the 1st of April and Istof Jaly 
next, at a rate not exceeding 75 cents on every 100 dollars, in addition to , 
the interest due on the last mentioned day. i 

3d. For all stock purchased between the 1st of July and 1st of October 
nert, at a rale not exceeding, on every 100 dollars, the amount of the interest : 
which would have accrued on the last mentioned day. • 

4th. For all stock purchased between the 1st October, 1824, and 1st Jan- ; 
nary, 1825, the principal and interest due on the day of purchase. 

In proposing to the consideration of Congress this application of the sur- 
plus means of the years 1823 and 1824, the probable demands upon the i 
Government in providing for the awards of the commissioners under the ■ 
t'eaty with Spain, of the 82d February, 1819, have not been overlooked. ^ 
It is believed, however, that funds may be advantageously supplied for the ,^ 
discharge of those claims, by the issue and sale, at not less than par, of five ; 
per cent, stock, redeemable in 1833 ; and it is respectfully proposed that an- • 
thority be given for that purpose, : 

Of the 10,331,000 dollars of six per cent, stock, redeemable in 1825, ; 
about five millions will probably be redeemed in that year; and there will i 
remain unredeemed, after the application of all the means at the disposal of * 
the commissioners of the sinking fund, about $5,331,000. This sum, it is ^ 
believed, may be readily exchanged for five per cent, stock, redeemable in - 
1833 ; and it is respectfully suggested that provision be made by law for such ; 
an exchange of so much of the six per cent, stock as shall not be redeemed '; 
during the year 1825. : 

The views which are herein presented are founded upon the idea that no : ' 
extraordinary expenditure is to be incurred. If, however, it be deemed advisa- ;■ 
ble to give increased extension or activity to the navv, or to aid in oh- v; 
jecis of internal improvement, it is believed that such additional means as -' 
may be required may be obtained by a judicious revision of the tariff. ^' 
Such a measure was recommended in the last annual report, with a view i 
both to the increase of the revenue and the simplification ot its collection ; \l 
and further reflection and experience have tended to strengthen the opinion v 
then entetlained, that its operation, without being onerous to the community, <; 
would be advantageous to the revenue, salutary to commerce, and beneficial [j 
to tlte manufactures of the country. 'i 

All which is respectfully submitted. ;' 

WILLIAM H. CRAWFORD. 1: 

Treasdrt Department, 

DectmberZl, 1833. J 



tizedoy Google 



SECRETARY OF THE TREASURY. 

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264 REPORTS OP THE [1823. 

B. 

A STATEMENT exhibiting the value and quantities, respectively, of 
merchandise on which duties actually accrued during the year 182i!. 
{consisting of the difference between articles paying duty, imported^ 
and those entitled to drawback, re-exported ;) and, also, of the nett re- 
venue which accrued that year, from duties on merchandise, tonnage, 
passports, and clearances. 



918,557 dollars, at 71 per cent. 


iL 


868,891 77 




16,»00,536 do. at 15 do. - 








6,ai5,505 do. at 20 do. - 








21,701.040 da ai-25 do. - 




5,^25,360 00 






average 






48,444,073 do. at 00.69 per cent, averase 


10,024.043 37 


&t0,034,<M3 3- 


1. Wines, 3,489,e33galloiis,8t30.Mcimla 


747,996 35 




S. Spirits, 4,567,744 do, at 40.47 do. 

iSolasses, 13,357,37^ do, a: 5 do. 


average 


2,040,413 90 






3. Teas, 0,430.630pouads, at 30,87 do. 




1,676,347 91 




CoScp, 14,283, 9R2 do. at 5 do. 








4. Sugar, 76,952,438 do. at 3.08 do. 

5. SaU 3,538,333 busheU at 30 cents 


average 


2,374,768 B* 






707,664 60 




6. All other aiuules 




2,043,790 14 






From which deduct — 
Duties rerunded, &/:., ajler deducting iherefrom duties 
on merchandise, the particulars of which were no« 
rendered by the collectors, and diOerence in ceJcu- 

Add— 
S| per cent, retained on drawback 
Extra duif on merchaBd>»e imported in foreign v 

Interest on cnaom-hoose bends 

^utnce received . . - . 

Dalies oo merchandise 
Duties on lonneige . - . . 

Light monej - - • - ■ 

Passports and clearances - . . 

Deduct— 
Drawbadf on domeaic refined sugar • 
* ic distilled spirits 



tizedoy Google 



SECRETARY OF THE TREASURE. 
ExplanaUiry Statements and Notts. 



Bnrgundj', Ac. - 
Sherry aad Si. Lncar, &c. 
Lisbon, Oporto, too. 
Tenerifle, Payal, &c. - 
Cfatret, in boiUes 
AUoUiei 



441 ,&» 

357,613 

3.1,644 

1,490,';29 



50 do. 

40 do. 

30 do. 

15 do. 



S1I9,S7& 00 
7,03fi 00 
33,461 SO 
390,tJ14 00 
143,047 60 
10,153 au 



4ih do. 

51b do. 

Odter, Isi and 3d proof 

3d do. 

4th do. 

Sih do. 

Above 5th do. 



634,573 gallon 

61,775 do, 

16,331 do 

14,914 do. 

5,040 do 

451,889 do. 

1,194,394 do. 

3,152,057 do. 



4,567,744 do. 



48 do. 
57 do. 
70 do. 



567,963 pounds, 

958,601 do. 

1,814,306 do. 

1,848,495 do. 

341,346 do. 

5,430,630 do. 



5,430,630 do. 



3,034 00 

171,717 83 

501,603 48 

1,039,987 36 

30,911 59 

619 50 



1,675,834 77 
413 14 



I^wrted, 

Eqnned, - ba*n 

Banniies and iiUowuccs, i 
dnced. into bnsheli 



5,396, uaOMDls 



807,003, al 90 cenu 



tizedoy Google 



BEPOaTS OP THE 

Explanatory atataneats and n<»to#— Continued. 



G. All other (iRicles. 



Dnck, Rns-sia - 
Ravens - 
Holland - 

Sheeiing, brown, Russia 
whilF, Russia 
Beer, ale, and poner, in bottle; 



Ghocolaie 
Sogar, candy 



1,325 

101, uo-^ 

7,1U 

l,Kt>8 
2,»19 
19,439 

858,297 



figs 



is, jar and muscatel 



CandlES, lallow 
Cheese - 
Tallow - 



Cotton - 
Gunpowder 
Bristles - 
Glne - 

punis — ochre, drf 
'n oil 



_. Iwtnred into shot - 

Corda^ tarred, and cables - 
tuianed 

Copper, rods and 

Wire, it 

above No. 18 
Iran— tacks, brads, &c., not above 16 o: 
1,000 - 
lacks, biads, fte-, above 16 oa 



2,592,7H4 

3,106,616 

3G,12T 

117 

56,789 

I44,3fi5 

1,894,156 

769 

S0,308 

36,775 

315,033 

B28,243 

111,615 

2,953 

3,584 

384,413 

87,042 

123,088 

177,485 



350,569 
3,076,990 
1,611,971 

399,541 



43,374 

1,006 

930,517 

147,859 



tizedoy Google 



3.) SECRETARY OP THE TREASURY. 267 

Explanatonf statements and notes — Continued. 



6. All cnher articles. 




Oaamiiy. 


Rale of 
dwj. 


DnUes. 








Ctntl. 




liw-pig 


cwt 


87.605 


50 


ei3,353 50 


cwtiDga - 




do. 


12,9«4 


75 


9,738 00 


bar, rolhd 




do. 


99,«7 


150 


14fi.9« 50 


hammend ■ 




do. 


MO, 179 


75 


397,628 00 


sfcert, rod, hoop, fc. 




do. 


35,630 


S50 


89,050 00 


8tel - - . 




do. 


m.m 


100 


18,403 00 


Hnp - 




do. 


196,117 


150 


894,175 60 


Ahui - 




do. 


3,t50 


90O 


6,300 00 


ar-. : : 




da 
bosheb 


16,306 
992,C93 


100 
b 


16,306 00 
49,634 66 


Fab-dri«dori>Diolced . 




barrels 


I,47i 


100 


1.474 00 


aOmoD, pickled ■ 
DUHkerel, piddcd 




1,509 


9MI 


3,018 00 




do. 


'aw 


150 


306 00 


Mher - 




do. 


156 


100 


156 00 


Qr»-faoMl«s, blKck aaar t 




gross 


16,734 


144 


24,0^6 96 


vindov, not above S b^ 10 


100 so. feet 


1,939 


■860 


4.897 50 


lObvIS 
sbovelObj-fS 


do. 


886 


276 


3,436 50 


do. 


a.'Si 


325 


8.300 50 


loali - - . 


pun 


105 


150 


167 90 


Sk« ind BliDMrs— dit 


5a 


3,383 


30 


1,014 90 


iMUier, mra'9,&c 


do. 


6,977 


25 


1,494 35 


children-B 


do. 


1,756 


15 


2fi3 25 


&^ . ... 


M. 


19,984 


wa 


49,9ii0 00 


FhTiurcanb - 


pack. 


846 


30 


263 W 








3,043,098 39 




il: 








CBMmoa 




1,333 


25 


308 25 






2,042,790 14 



Trbasitbt Dspabtheht, 

Register's Ofice, December 19, 1823. 

JOSEPH NOURSK, Register. 



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REPOBTS OF THE 



[1823. 



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SECRETARY OF THE TREASDRY. 



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REPORTS OP THE [1823. 



STATEMENT of maneya received into the Treasnry, from all sources 
other than customs and pitblic lands, during (he year 1322. 

From arrears <^ old intemnl reventie ... gisi i\ 

direct lax of 1798 - - - 863 22 

new internal revenue - - - 67,544 60 

new direct tax - ' - - - '20,098 '34 

dividends on stock in the Bank of the United States - 297,500 00 

fees on letters patent . - . . - 6,000 00 

postage of letters; ..... 603 04 

eents cmned at the mint .... 13,054 00 

fines, peiwiUitjs, and forfeitures ... 173 72 

vessels, Sk. condemned under the acts prohibiting the 

slave-trade 1,507 86 

gunboats sold, per act of 27th February, 1815 - 381 58 
interest on balances due by banks to lite United States 643 73 
moneys previously advanced on account of roads, un- 
der tlie treaty of Brownstown - 578 21 
Do. military pensions - - - 2,087 29 
Do. third census - - - - 12 84 
Do. furniture for President's bouse - 1,657 65 
Do. prize causes - - ... 675 00 
Do. old Spanbh treaty - - -, ^50 00 
Do. balances of advances made in War ' 

Department, repaid under 3d section . ' 

of act of 1st May, 1820 - - 71,98182 
Do. balances of appropriations for the War 
Department, repaid under 2d section 

of act of 1st May, 1820 - - 84,282 16 
Do. balances of appropriations for the Navy 
Department, repaid under 2d section 

of act of 1st May, 18^) - - 267,169 30 



Tbeasdrt Depaetment, 

Rater's Office. 

JOSEPH NOURSE, RegtHer. 



tizedoy Google 



SECRETARY OP THE TREASURY. 



STATEMENT of the expendUura of the United Statetfar the wear 

1822. * 

CIVIL, UI80ELLANE0U8, AND DIPLOHATK^ TIZ; 

Legislnlure .... 9466,366 60 

Executive Departments - - 449,465 85 

Officers of the mint - - - 9,600 00 

Snrreying department - - 11,044 46 

Commissioner of the Public Buildings 2,653 08 
GoBeroments in the Territories of the 

Onited Stales - - - . 12,124 00 

Judiciary - - - . 217,987 59 



Annaitiesandgrants - 


2,007 13 


Mint establishment - 


17,160 00 


Unclaimed merchandise 


857 79 


Light-house establishment 


145,951 76 


Surreys of public lands 


115,922 83 


Prirateer pension fiuid 


1,821 62 


Appropriation of prize money - 


634 20 


TVndiag-houses with the Indians 


9,670_60_ 


Road from Cnmberlnnd to Ohio 


"3ig04 77 


RtaiswiUlfi the State of Ohio 
Rcmds withuTthe State of Indiana - 


3,257 64 


32,629 46 


■fftftd^^rtiWfi the State of Alabama - 


jao-eo- 


Marine hospital establishment 


44,324 61 


Public buildings in Washington 


126,859 18 


Florida claims 


141 17 


Payment of claims for property lost - 


55 00 


Building costoni-honses 


1,319 26 






old internal revenue and direct tax 


3,234 82 


Pajrinent of balances due to collectors of 




Dew internal revenue - 


499 69 


Prohibition of the slave trade 


25,396 42 


Prisoners of war 


1,889 87 


Rffundingdutics on distilled spirits - 


95 62 


Surveys of the coast of Florida 


3,160 00 


Paymentof certain certificates 


2,109 22 


Miscellaneous claims - 


101,461 03 






flf the convention which formed the con- 




■ilution of the United States - 


542 66 



$1,158,131 tS 



Diplomatic department 

CootiDgent expenses of foreiga inter- 
tOQTse ----- 

Relief and proteclioQ of AiQerican sea- 
men 

Treaty of Ghent 



-l Cfl 



86,014 78 
23,643 88 



13,660 40 
14,742 24 



t,i.a,Google 



REPORTS OF THE 



Treaty with Spain - - - 

Treaties with MediterraDean powers - 



25,770 21 
1,043 00 



9164,879 SI 



UILfTART DEPARTMEKT, VlZt 



Pay of Ihe atn^ - - 1 

Subsistence ■ - - - 

Foraee - - - - 

Clothing .... 
Medical and hos|ritaI departmeDt 
Contingent expenses - - - 

Ordnance department 
Fortifications ... 

Repairs and contingencaes of fortifications 
Fort Delaware 

Fort Monroe - . - - 

Port Washington - - - 

Fort Calhoun 
TheRigolets 
Barracks at Baton Rouge 
Materials for a fort opposite to Fort St. 
PhiUp - . - - - 

Quartenn: 
Military A 
Brigade oi 
Surveys ol 
Medals for 

New roof : sle 

Arrearages - - - - 

Maps, plans, &c. for War Office 
Completing road through Georgia - 
Militia courts-martial, viz : 

Col. Wood, president 

Thomas C. Miller, do. 

T. More and V. Fore, do. 
Gen. Steddiford, do. 

Balance due to the State of Maryland 
Preservation of arms - . . 

Army supplies ... 

Kzpenaes of arsenals - 
Repairs of araeoals - 
Repairing arms 
Preservation of ammunition - 
Arming and equipping militia - 
Armories .... 
Relief of Gen. James Wilkinson 

Joshua Newsom, and others 

Elias Parks 

John Anderson 

William Gwyon 

William E. Meek - 

Com^ius BJison 

William Henderson • 



,078,742 79 

235,442 47 

14^7 IS 

172,937 60 

14,909 83 

6,028 39 

263,553 78 

110,796 83 

3,966 62 

15,000 00 

■ ,0 94 

16 70 

K) 00 

•0 00 

e 16 

30,000 
387,422 6 
9,5H9 4 
11,680 
3 6 
4,830 
3,500 00 
114,245 09 
140 22 
321 01 

762 84 
1,494 66 

606 6d 
17,839 24 

527 00 
3,298 00 
1,244 67 
1,307 81 

324 77 

5,791 05 

3,203 42 

386,687 78 

199,000 OO 

2,926 59 

647 80 

2,284 00 

1,300 00 

47 50 

1,379 87 

250 00 
2,765 00 



.„Gooj^lf 



1823.] 



SECRETARY OF THE TREASURY. 



Belief of James Peirce - - - 94$0 00 

Greenbury H. UluTphy • 1,490 30 

William Dooly - . 305 80 

Planters' BankofNewOrleans - 8,496 TO 

Matthenr MbNair - - 1,776 26 

SiuiiBel Wtdker - ■ 266 64 

Officers, &^. iu -tbc ffemtoolo ■ 

canqmign - - - 90 00 

Serolutionaiy pensions • - 1,642,690 94 

Military and half-ptty pensions - 306,608 46 

Indian department (contingencies) - 166,492 33 

Civilization of tndians - - -3,127 96 

Treaties with the Creeks and Cherokeee - 26,010 13 

Treaties with the Creeks - - - 13,331 27 

Pay of Indian agents - • . 7,37!5 06 

I^y of Indian sab-agents - . 3,666 W 

Presents to Indians - - . 6,066 69 

Annuities to Indians, per act 6th May, 1796 14^ 54 

Annuities to Indians, per act 26th Feb. 1799 16,3^ 19 

Annuitieslo!ndians,per8Ct3dMarch,1805 1,000 00 

Annuities to Indians,per act 21st April, 1806 31,167 17 

Annuities to Indians, per act 3d March, 1807 661 11 

AnnuitiestoJndtanQ,per act 10th Feb.,1808 10,000 00 

Annuities to Indians, per act 1st May, 1810 4,200 00 

Annuitiesto|[ndiaBs,peract3dMarch,1811 2,236 07 

Annuities to Indians-per act 26th Apnl,18L6 50 00 

Annuities to Indians, per net 3d March, 1817 36,716 44 

Annuities to Indians, per act 3d March,1619 117,060 00 

Annuities to Indians, per act I3th May, 1820 6,000 00 

Annuities to Indians, per act 3d March, 1821 29,464 01 

AonuiUes to Indians, per act 8th Jan., 1821 60,760 47 

Annuities to Indians, per act 7lh May, 1822 15,100 00 

Annuities lo Indians, per act 7th May, 1822 18,107 10 

6,834^73 11 
From which deduct the followii^ repaymcnls, via : 
Expenses of recruiting • ||U,932 25 

Balances due to certain Slates 104,887 64 



BoanUes and premiums 

Mobile Point - 

Gratuities 

Cannon, shot, shells, ice. 

Powder ma^jazioe at Frank- 
ibid, PeunsylvuiiB 

Sane^ of the Ohio and Mia- 
ii3siiq}i rivers - - 

Surrey of the watercourses, 
Mtaossispi . . - 

Boundary line between the 
United States and the Creeks - 

Boundary line of Indian ces- 

BODB . - - . 

CUtms agabut tfie Osoges - 



20,700 32 

10,656 84 

16,460 60 

378 95 

17 60 



15,000 00 



oy Google 



264 REPORTS OF THE [IS 

Treaty .vith ^e Indians in 
Mississippi - - «3,610 93 

Relief of T. C. Withers - 187 00 

Relief of J. Harding - 180 00 

— ^ «189,384 82 

— $5,636,li 

NATAL ntPAUTKENT, TIZ: 

Payofthena7y - - - - 771,300 38 

Provisions 200,523 46 

Mediuines .... - 17,241 30 

Repairs of vessels .... 294,384 86 

Ordnance ... - - 3,963 14 

Freight and contingent expeiwes - - 187,603 29 

Navy yards .... 34,978 90 

Superintendeals, &c. - - - 26,132 48 

Laborers, ^cc. .... 9,781 36 

Gradual increase - - - - 566,382 88 

SappressioD of pir(U:y ... 12,415 00 

Pay and snbsisience of the marme corps - 87,929 53 

Clothing of the marine corps - . 31,288 08 

Fuel for the marine corps . - • 6,084 98 
Qunrtermaster^ stores, and contingencies of 

the marine cojye .... 20,256 60 

2,269,796 18 
From WhicTi deduct the following repayments, viz: 

Purchase of timber - - 11,450 82 

Repairs of vessels damaged in 
action - - - - 964 00 

Shot, shells, and military stores 4,036 96 

Repairs of the Constellation ' 460 00 

Seventy-fonrs and fVigates • 4 00 

Survey of the coast of North 
Carolina - - - 430 38 

Widows and orphans of per- 
sons on board of the Epervier - 7,481 70 

Uilitary stores, marine corps - 10,600 36 

36,337 20 



PITBLIC DEBT, VIZ : 

Interest, (kc. of domestic debt - - 5,739,760 62 

Redemption of Louisiana slock - - 6,294 12 

Reimbursement of Mississippi stock - 23,388 94 

Certain parts of domestic debt - - 228 44 

Redemption of six per cenL stock of 1796 - 80,000 00 
Redemption offunded 6 per ct.6U>ck of 1820 2,000,000 00 
Principal and interest of Treasury notes - 277 00 

. — 7,848;9fil-' 

♦ 17,676 ,aiaj 

Treasury Department, Register's Office. 

JOSEPH NOUBSE, SegiMC- 



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SECRETARY OP THE TREASURY. 






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HEPORTS OP THE 





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1833] SECRETARY OF THE TREASURY. 367 

H. 

STATEMENT of moneys received into the 7Veasvry,from allaourcea 
other than ettaloms and public landt, from \at January to 30fA Slep- 



iemher, '. 



m arrears of dd internal rercnae - - - $73 96 

direct tax of I r98 - - - 108 00 

new iatenml reveuoe ... 26,632 42 

new direct tax ... - 8,581 81 

dividend on stock in the Bank of the United States - 380,000 00 

fees on letters patent - - - - 3,810 00 

oeats coined at the mint .... 5,aeo 00 

fines, penalties, and forfeiturds - - • 10 00 

moneys received under the act to abolish the Uoitfid 

States trading estahUsbwcnIS • - - 38^600 00 

postage of letters - - - - - 110 69 

returned pneeage ^loney of American seamen • 20 00 

sarplus emoluments of officers of the castoms - 20,891 69 
balancee of adrances made in the War Department, 
repaid under 3d section of the act of Ist of May, 

1820 44,410*4 

moneys prenously advanced on account oftfae fourth 

censofl ...... 3,178 84 

moneys advanced on account erf military pensions - 1,828 84 



ed§7,136 n 



TiEAsoBT Department, 

Regiater'8 OJia, December, 1823. 

JO&Ea>H NOURSB, Register 



tizedoyGOOJ^If 



REPORTS OF THE 



STA TBMENT of the expendituna of the UnUed States, fim ik 
of January to the SOfA September, 1823. 



CIVIL, HISCELLANEOUB, AKD DIPLOMATIC, TIZ: 



Legislatare . . - . 

Executive department 

Officers of the mint - - - - 

Oommissioner of the Public Buildings 
Surveying department ... 

GovemmeDts in the Territories of the Unitsd 



Judiciary 



Annuities and grants 

Mint establishoient .... 

Unclaimed merchandise 

Light-house eslablishment 

Surveys of public lands - . . 

Boundary lines between Missouri and Arkiinsos 

Land claims in Florida Territory 

Adjustment of land claims in Michigan Terri- 
tory - , . - . 

Road from Cumberland to Ohio 

Repairing road from Cumberland to Ohio 

Roads within the State of Indiana 

Marine hospital astablishtnent 

Public buildings in Washington 

Apartments in the City Hall for the circuit court 
ofthe United States 

Monument over the tomb of Elbridge Gerry, 
late Vice President of the United States 

Rebuilding public wharf and repairing public 
stores at Slaten Island 

Purchase of the 6th volume of the Laws of the 
United Stales - ' - 

Pajrment of certain certificates 

Payment of balances to collectors of new inter- 
nal revenue . - . . 

Pajrment of balances to officers of old internal 
revenue and direct tax - - - 

Prohibition ofthe slave trade 

P&yment of claims for property lost - 

Additional Commercial Digest 

Miscellaneous expenses ... 

Roads and canals in the State of Missouri 



$257,321 42 

364,126 39 

7,200 00 

1,126 00 

9,666 66 

17,639 38 
143,188 63 

1,800 00 ' 

10,139 18 

334 69 

116,043 86 

119,635 98 

2,636 00 

2,497 14 

600 00 
6,289 48 
3,000 00 
17,867 84 
30,606 66 
82,200 00 

10,000 00 



. $m9» 



2,200 00 
18 69 

203 72 

2,027 67 
2,682 08 
100 00 
1,000 00 
60,331 91 
4,729 14 



49fl,SSi 



tizedoy Google 



1S23.] 



SECRETARY OP THE TREASURY. 



Uiplonutic department 
GoatiDgent expenses of foreign intercourse 
Relief and protection of AmericRn seamen 
Treaty of Ghent (4lli, 6th, and 7th articles) 
Treaty with Spain 

Kssions to the independent nations on the 
American continent ... 
Treaty of Ghent (1st article) 
Treaties with Mediterranean powers 



21,862 10 
7,807 07 

10.269 00 
18^69 85 

63.270 00 

2,072 23 
1,189 88 



LITART DEPARTMENT, viz: 



Pay of the army 



Pora^ . . - . . 

Cbuhing .... 

Kedical and hospital department 

Coodngencies .... 

Oidnauce .... 

(barlermaster'a department 

Fortifications (repairs and contingencies of) 

Fort Honroe - , - 

fwt Calhoun 

Fort Waahiogton • - - 

Fort Delaware .... 

r«t at Mobile Point 

Bilitory Academy, West Point - 

Biif^e of militia 

Ikdals for officers 

Arrearages .... 

Bklances due to certain States 

Preaerration of arms 

Bepairing arms ... 

Preservation of anununition 

Atiny supplies 

lepairs of arsenals 

AriDiDg and equipping militia 

Gratnities 

inoories 

Enieates of recruiting 

Militia court-martial, New York 

Hiliiia court-martial, Penn^lvania 

Belief of James Morrison 

Rdief of Eleanor lAwrcDce 

Bdief of Mahloa Ford - 

Bdief of Colonel Lawrence &. others 

Kdief of officers, &c of the Seminole cam- 
paign 

Bhrracks at Baton Honge 

Purchase of woollens 

llat«ials for a ibrt oa the right bank id 
the Uissiasippi ... 



$736,790 09 

208,937 44 

35,817 (W 

96,357 43 

14,680 12 

12,305 96 

24,967 83 

186,896 47 

22,672 01 

74,956 49 

78,343 59 

24,971 93 

31,600 00 

56,050 00 

8,559 38 

794 66 

2,400 00 

47,026 61 

6,841 60 

42 24 

418 99 

1,374 87 

2,331 20 

165 23 

177,054 71 

4,310 06 

222,641 77 

7,037 43 

2,487 74 

162 80 

17,336 03 

1,070 00 

306 66 

70 12 



17,418 18 
62,669 00 



16,675 79 



tizedoy Google 



270 REPORTS OP THE 

Road from Plattsburg; to Sackett's Harbor - $2,160 00 

Ransom of American captives • - 1,763 90 

The Riooiets 20,475 00 

Arsenals 21,061 (» 

National armoiy ott the western waters - 1,600 00 

Maps, plans, tStc. for War Office • - 10 00 

Materials for a fort opposite Fort St Philip - €97 20 
Revolutionary pensions - - - 1,440,466 46 

Invalid and half-pay pensions - - - 329,779 96 

Contingencies of Indian department - - 56,304 89 

Civilization of Indians ... 9,031 17 

Pay of Indian agents ... - 17,269 19 

Pay of sub-agents .... 6,606 29 

Presents to Indians .... 8,782 17 

Tret^y with the Creeks - - . 18,379 93 

Treaty with the Choctaws - - - 600 00 

Saginaw treaty .... 2,000 00 

Treaty of Chicago .... 1,050 00 

Purchase of Creek and Cherokee reservations 34,5U0 00 

Annuities to Indians, per act of 6th May, 1796 9,000 00 

Annuities to Indians, per act of 25th Feb. 1799 19,262 93 

Annuities lo Indians, per act of 3d March, 1805 1,000 (10 

Annuities to Indians, per act of 21st April, 1806 15,926 00 

Annuities to Indians; per act of 3d March, 1807' 300 00 

Annuities to Indians, per act of 19th Feb. 1808 6,700 00 

Annuities to Indians, per act of 1st May, 1810 2,460 00 

Annuities to Indiatis,peract of 3d March, 1811 1,500 00 

Annuities toIndian>,peractof26th April,]816 160 00 

Anunities to Indians, per act of 3d March, 1817 ' 26,236 68 

Annuities to Indiaiu, per act of 3d March, 1819 70,960 00 

Annuities to Indians, per act of 1 6th May, 1820 3,000 00 

Annuities to Indians, per act of 7th May, 1822 14,150 00 

Annuitiesto IndtaQ9,peractof 3d March, 1823 6,000 00 



4,390,273 36 
Prom which deduct the following repayments : 
Fortifications • . - f3,672 26 

Bounties and pnunitittt' - 2,966 47 

6,657 73 

84,388,715 1 

KAVAL DBPAaTMBttV, VI^'! 

Pay of the navy ' 

Provisions ... 

Medicines - . . 

Repairs of vessels 

Ordnance and ofdhtuiee Mores 

Freight and contitigWit etpensea 

Navy yards, Sec: 

Superintendents, dec. • 




tizedoy Google 



1321] SECKETART OF THE TREASURY. 

labwcrs, ice - - - . 

Gnidusi increase ... 

So[^HesBion of piracy ... 
Survey of the const of North Carolina 
Snrrey of the coast of Florida 
ProhibitioD of the alave trade 
Incliaed plane docka, dbc 
Souws for ships in ordinary 
Vaf ud subsifitenco of the marine corps - 
(SoibiDg for the marine corps 
Fuel for the marine corps 
Military stores, marine corps 
ftuutermaster's stores, and coirtingeDCies 
marine corps - ^ - - 



nom which deduct the following repay- 
ments : 

Patcbase of timber - - $100 00 

Fuchase of vessels from 8 to 
Ifignns - ' - 1,632 OS 

(^((«B of Algerine vessels - 14,970 26 



«14,933 62 


839,030 40 


101,977 95 


403 00 


1,337 60 


6,638 76 


16,132 07 


l,6ai) 60 


117,708 49 


24,194 26 


3,123 32 


3,889 26 


12,990 79 


1,793,691 6S 



16,602 28 



$1,776,989 37 



PUBLIC DEBT, VIZ; 

fatont and- relmbQrsement of domesHc 

liU 3,746,409 13 

GalBio ports of domestic debt - 604 97 

tfimlinreaiTMinfrof Mississippi stock 6,477 07 
lanbumunent of Treasury notes (war- 

mt dated in 1820) ■ - - 20 m 



«U,422,84r 30- 



TacAceftT-DePARTufeNT, 

BamitUi't OKM, 

JOSEm NOCBSE, Ai^sliK 



t,i.a,Google 



arS REPORTS OP THE [1823. 

No. 1. 

STA TEMENT of the debt of the United States, 1st October, 1882. 

Deferred six per cent, stock, (unredeemed 

amouni), - . - . ^1,224,778 55 

Three per cent, stock - - - 13,296,099 06 

. Exchanged six per cent, stock - - 2,668,974 99 



«l7,iea,863 60 



Six per cent, stock of 1812 - - 6,187,006 84 

Six per cent, stock of 1813 (16 millions) 15,521,136 45 

Six per cent, stock of 1813 (7^ millions) 6,836,232 39 

Six per cent, stock of I8I4 - - 13,011,437 63 

Six per cent, stock of 1815 - - 9,490,099 10 

Treasury note six per cenL stock - 1,465,285 47 " 

Treasury note seven per cent. - - 8,606,355 27 
Five per cent, stock, (subscription to 

Bank United States - - - 7,000,000 00 

Six per cent, stock of 1820 - - 2,000,000 00 

Five per cent, slock of 1820 - - 999,999 13 

Five per cent, stock of 1821 - 4,735,296 30 

76,662,848 58 

§93,04 2,701 18 

The estimated amount, pet No. 3, of the Secretary's report 
of last year, was ..... $93,043,019 67 

From which deduct this sum, then short estimated, as 
reimbursement of the deferred six per cent, stock - 318 49 

Making, as above ..... 93,042,701 18 

in the fourth quarter of 1822, the following sums were 

paid on account of the principal of the public debt, viz: 

In the reimbursement of the deferred stock $266,673 32 

In payment of the six per cent, stock of 

1820 2,000,000 00 

2,265,673 38 



Leaving the amount of the debt on 1st January, LS23, as 
per the following statement No. 2, at - - - $90,777 ,027 86 

Tbeasurt Department, ' « ' «, ' 

Register's Office, Decemba; 1823.- 

JOSEPH NOUfiSE, Rtgiater. 



tizedoy Google 



SECKETAEY OF THE TREASURY. 



16 84 


8 63 


16 44 


ir 63 


19 10 


6 47 


. . '5 27 


7,000,000 00 


999,999 13 


4,736,296 30 


66,704 77 



?16,924,179 28 



STATEMENT of the debt of the United States, January I, 1828. 

Deferred six per cent, stock, (unredeemed 

amount) .... $969,105 23 

Thiee per cent, stock - . . 13,296,099 06 

Exchanged six per cent, stock - . 2,668,974 99 

Sx per cent, slock of 1812 

Six per cent, stock of 1813, (16 millions) 

Six per cent, stock of 1813, (74 millions) 

Six per cent, slock of 1S14 

Six per cent, stock of 1815 

Treasury note six per cent, stock - 

Treasury note seven per cent, stock 

Rw per cent, stock, (subscription to Bank 

Uoiled States) ^ 
Five per cent stock of 1820 
Rfe per cent, stock of 1821 
Exchoneed five per cent, stock, issued in 

lieu of the same amount of six per cent. 

Sock, under tlie act of 20th April, 1822 

73,852,848 58 



TBEAfltTRT DEP.4RTMENT, 

Reffialcr^a Office, Decenibtr, 1823. 

JOSEPH NOUBSB, Register. 



Toih u.— 18 



tizedoy Google 



an. 



REPORTS OF THE 



ESTIMATE of the dAt of the United States, October 
Jan ' '""' 



January 1, 1824. 



, 1828, and 



On the 1st October, 1623 : 
Deferred six per cent slock, (unredeemed 



amount 
Three per cent stock 
Exchanged six pat cent, slock 



- «632,082 36 
-13,296,231 45 

- 2,668,974 99 



Six per cent, stock of 1812 
Six per cent stock of 18l3 (16 millionsj 
Six per cent, stock of 1613 (7^ millions) 
Six per cent slock o( 1614 
Six per cent stock of 1615 
Treasury note six per cent, stock - 
Treasury note seven pet eem. stock 
Five per cent stock, (subsoription to Bank 
United States) - - - - 

Five per cent, stock of 1820 
Five per cent slock of 1821 
Exchanged five per cent, stack of 1822 - 



AmotiBtirt Ocloher, 1623 



6,187,006 84 
15,497,818 63 
6,612,84B 44 
13,001,437 63 
9,490,099 10 
1,466,847 34 
8,606,490 27 

7.000,000 00 

'999,999 13 

4,735,296 30 

66,704 77 



$16,597,288 79 



73364,646 46 
. $90,461,834 24 



Amount per statement No. 2, 1st January, 1823 - - $90,777,027 86 

Add three per cent, stock, issued since $132 39 

TreaEUty note six per cent, issued since 1.661 87 
Treasury note seven per ct, issued since 136 00 



1,829 26 



Deduct reimbursement of the deferred stock in (he 1st, 2d, 
and 3d quarters of 1623 .... 

Amount of the debt on the 1st October, 1823, as above - 
Add Treasury note stock issued since 



Deduct estimated amonnt of reimbursement on deferred 
stock in the fourth quarter of 1823 

Estimated amount of the debt, 1st January, 1824 



90,776,857 12 
327,022 88 



90,461,834 24 
716 75 



90,462,650 99 
274,688 86 



TBBABuaT Depabthbnt, 

Segiiter't Office, Deeembtr, 1 



JOSEPH NOUBSE, Regi»ler. 



tizedoy Google 



W81J SECRETARY OP THE TREASURY. 



ESTIMATED amount of Treasury notes outatanding on the Ut Oc- 
tober, 1823. 

Total amount issued (aa per No. 4 of last report) - - 836,680 794 

I ftmcelled and reported on by the First Aud itor, $3IS,653,.3B7 

FHioded at the Treasury from the 1st of Jan- 
wry to the 30th September, 1823 - - l,3l5 



36,664,672 



Oatstandinjr ...... $26,122 

Cotnistiag of small Treasury boI« • - . HiTSd . 

notes bearing interest - . . 23,340 

»a6,tiaB; 



TSEASITRT DsPARTlfBIfT, 

Regigta'a Ogke, December, 1821 

JOaSPH NOUBSB, Regi^tr. 



No. 6. 

STATEMENT^ the stock issued under the act of (Jongrets eatUUd 
" An act nmplemmtary to the act for the iitdemni^aHon of certain 
^aimants of public lands in the Mississippi Territory," passed on 
the 3d Marchy 1816. 

imoitDt of claims awardedjper statranut No. 6 of laitt year, $4,238,161 121 

WheiQof there has been paid in for lauds, per said report $2,447 636 39 
PipieDta at the Treasury, to the 30th Sep- 

taober, 1822, per ditto - $l,807,6ro 79 

Dik from 1st October, 1822, to the 30th Sop- 

tember, 1823 - . 6^477 07 

' ' 1.913.3Cft' 00 ' 

Biluce Ist October, 18S3, cttuiating of eer- 

lificalee outstaudim; . . . : ig^ 93 

IwudB not spi^ied Gt ... 2,736 941 

^ — 21,259 STi 

^^ ^^XSlJg^ 

TscAsintT DsvAitTMnrr, 

Regiatm's G^fitio, Deeembw, 1823. 

JOSEPH NODBS^, Htgitter. 

Dig tizedoy Google 



REPORTS OP THE [1824. 

REPORT ON THE FINANCES. 

DECEMBER, 1^4. 



la obedieDcn to the directtoos of Ibe " Act supplementary to the act to 
establish the Treasury Department," the Secretary of the Treasury respect- 
fully submits the following report. 

I. OFTBE PUBLIC BETKNVE AND EXPIIFIDlTt)RE3 FOR TQE TEARS 1824$ 
AND ISS-t. 

The nett revenue which accrued from duties on imports and tonnage dur- 
ing the year 1823 amounted (see statement A) to - $17,00 6,67 80 

The actual receipts into the Treasury during the vear 
1823 amounted to - . • ' - $20,540,666 2G 

Viz. 

Custonis (statement A) - - 919,088,433 44 

Public lands (statement D) • - 916,523 10 

Dividends on stock in the Bank of the 
United States (statement E) - 350,000 00 

Arrears of internal duties and direct tax, 
and incidental receipts - - - 131,951 69 

Repayments of advances made in the 
War Department for services or suppliw 
prior to 1st July, 1816 - - - 53,758 03 

Making, with the balance in the Treasury on the 1st 
January, 1823, of - .... 4,237,427 65 



AnaMTegateof --..,. 24,778.093 81 

The actual expeacUtuns durtng ihe year 1823, amounted 
(see statement F) to - - - . . 15,314,171 00 

Viz. 

Civil, diplomatic, and misceUaneoos - $2,022,093 99 

Uilitary senrioe, including fortifications, 
ordnance, Indian department, revcdulmia-. 
ry and military panstoDa, arming Ihe mill- 
tia, and Bixearagta prior to Ist January, 
1817 8,258,864 77 

Naval service, incladiqg the gradual in* 
crease of the navy - . - 2^03,765 88 

PuUio debt .... 6,530,016 41 



Leaving a balance in the Treasury on Ist January, 

1824, of - . 9,463,922 81 

The actual receipts into.the Treasury during :Ae first 
three quarters of the year 1824 ate estimated to have 
amounted t« - - . $19,630,893 96 



tizedoy Google 



183iJ 



SECRETARY OP THE TREASURY. 



Til 
Customs 
Public lands (statement 



0) 

DiTJdends on stock in the 
Bank of the United States • 

Arrears of internal duties 
aad direct tax,atid inpidental 
receipts (statement H) 

Repayments of advances 
made in the War Depart- 
QKot, for services or suppHes 
prior to 1st July, 1816 

Loan under Act of 24th 
May, 1824, for paying the 
avards uuder the Fioridn 
treaty 



913,372,268 80 
768,806 10 



42,498 69 



5,000,000 00 



And the actual receipts into the Treasury 
during the fourth quarter of the year, includ- 
ii^ihe moiety of the loan of five millions, 
utharized by the act of 26th Hay, 1824, for 
paying the 6 per cent, stock of 1B12, are estt- 



$7,350,000 CO 

Making the total estimated receipts into the Treasury 
dnring the year 1824 ..... -$26,980,89396 

And, with the balance in the Treasury on the 1st Jann- 



>ry, 1^4, forming an aggregate of 

The expenditures during the first three 
qiuuters of the year 1824 are estimated to 



■ 36,444,816 77 



i funoimted (statement I) to 
Vi2. 

Civil, diplomatic, and mis- 
i^laneous - - - $ 

Hililary service, includ- 
ii^ fortifications, ordnance, 
Itraian department, revolu- 
tioDary and military pen- 
noQ9, arming the militia, 
and arrearages prior to Ist 
Janniuy, 1817 

Naval service, including 
the gradual increase of the 
tuvy ... 

Awards under the Flori- 
^ trenty - - - 

Public debt 



«21,563,702 73 



2,17%671 34 



4,775,671 99 
8,274,528 91 



And (be expenditures during the fourth 
quarter ore estimated at - 



- 10,374^ 18 



oy Google 



878 REPORTS OF THE [L8Z4. 

Viz. 

Civil, diplomatic, and mia- 
cellaneous - - $580,870 11 

Military Berrice, include 
ing fortificatioDs, ordnance, 
Indian department, revolu- 
tionary and military pen- 
sions, arming the miiitia, 
and arrearages prior to Ist 
January, 1817 - - 765,346 36 

Naval service, incltiding 
the gradual increase of the 
navy - - - 734,343 82 

Public debt - - 8,293,884 85 



Making the total estimated expenditure of the year 1824, $31,938,147 86 

And leaving in tlie Treasury oB the l^t January, 1825, 

■ d balance of - - - ' - - $4,606,668 90 



It is lo be observed, however, that this balance i« not to be considered as 
subject to appropriations ; as (here is about an equal amount of unsAtisfied 
appropriations, which, though not called for in the year 1624, ore necessary 
for the objects for which they were severally trade, and which are, there- 
fore, an existing charge upon the treans of the Treasury. 



. OF THE POBLIC DEBT. 



The funded debt which was contracted before the year 1812; and which 
was unredeemed on the 1st Octuber, 1823, amounted (stateoieDt No. 1) 
to $16^97,318 S» 

And that which was contracted tubfiaquently to the Ist 
January, 1812, and was unredeemed on the 1st October, 
1823, amounted (statemsDt No. 2) to - - - 73,854^6 4& 



Making the total amount of funded debt unredeemed on 
the 1st October, 1823 - • - . - - 90^1,864 03 

In the fourth quarter of that year, there was added, in 
Treasurynote 6 per cent, stock .... 7i6 76 



Making an a^r^ate of - - - - 90,452,580 78 

And there was .paid, in the reimbursement of d^i^rred 6 
per cent, stock .--... 274^66 88 



Reducing the funded debt on the 1st January, 18d4, 
(statement No. 2) to - ... - 90,I78,pU 90 

Prom that day (o (he 1st October laist, there was added 
in 4^ per cent, stock, under the act of May, 1824 • 6,000,000 00 



Making an aggr^ate of . . - . 9B,178,0U 90 

During the same period there was paid 
the residue of the deferred 6 per cmt. s!ock |067,64C 86 
And in purctRi^iDg the 7 p^r cent, stock 4,133,397 10 



Making together . , . . . 4,480,943 36 



1824.] SECRETARY OP THE TREASURY. 279 

And reducing ttie fuoded debt on the 1st October, 1824, 
(alatement No. 3,) (o ^90,697,071 64 

In the fourth quarter of the year, it is estimated there 
will be added, in 4i per cent, stock, vnder the act of 26th 
May, 1824 2,500,000 00 

Makinffanageregaleof- .... 93,197,071 64 

And during tne same period, it is esti- 
mated there will be paid, for the redemp- 
lioa of the residtie of the 7 per cent, stock $4,483,093 17 
And of the exchanged six per cent stock 2,663,974 99 

Making together - - - . - 7,152,0^ 16 

Which will reduce Uie funded debt unredeemed on the 
lit January, 1825, (including $7,000,000 five per cent, 
dock, subscription to the Bank of the United States, for 
Thich the stock of the bank held by the Government is con- 
sdered an equiralent,} to - - - - - $86,045,003 38 

"Hie amount of Treasury notes outstanding on the 1st 
October, 1824, is estimated (statement No. 4) at - - $19,756 00 

And the amount (^Mississippi stock unredeemed on that 
diy, including awards not applied for, (statement No. 5,1 
ai $14 , 016 53 

By the preceding exhibition of the fiscal operations of the year, it will be 
perceived that, if the expectations formed respecting the fourth quarter 
fhould be realized, the receipts wilt hare exceeded the estimate presented at 
the last session of Congress by about 800,000 dollars. The only failure baa 
been in the proceeds of the public lands; and that has been the result of a 
disappointment in regard to the relinquished lands ; great portions of which 
were supposed to offer strong inducements to purchasers, in their fertility 
■nd situation, and other circumstances. But not only has the quantity sold 
been less than was imlicipaled, but, owing it is believed in a great measure 
to combinations of capitalists, by which actual settlers were deterred from 
competition, the price has not, with few exceptions, exceeded the minimum 
price fixed by law. It is to be observed, however, that the actu^ receipla 
nom that source of revenue, during the present year, will exceed those of the 
preceding year; and it is estimated that those for the ensuing year will not 

The gross amount of duties on imports and tonnage, which accrued ftom 
the 1st January to the 30lh September last, inclusive, is estimated at 
19,000,000 dollars; nnd that of the whole year at 22,500,000 dollars. Of 
this sum, that portion which accrued in the first half of the year, exceeds 
by about 630,000 dollars, and that in the three quarters by about 1,200,000 
dollars, the portions which accrued in the corresponding quarters oF the pre- 
ceding year. 

The debentures issued during the first three quarters of the present year 
anwunted to $2,952,000, which is less by $460,000 than the amount 
issued during the corresponding period of the preceding year; and the 



tizedoy Google 



380 REPORTS OP THK [1834. 

amount of debentiuee outstanding; ou tbc 3Qth September last, and oharge- 
Bble upon the revenue of 1826, was 1,004,000 dollars, which is less, by 
401,000 dollai^, than was, on the same day in 1823, chargeable upon the 
revenue of 1824. , 

The amount of bonds in suit oa the 30lh September last was 2,909,000 
dollars, which is 92,000 dollars more than was in suit on Ihe same day of 
the preceding year. 

Deducting from Ihe whole amount of duties outstanding on bonds and 
otherwise, on Ihe 30lh September lusl, the debentures actually chargeable 
upon them, and thebondsiu suit, it is estimated thatthesum payable aAer 
the expiration of the present year will be about 12,200,000 dollars. This 
amount, however, is subject to debentures which may still be issued; but as 
an allowttneo has already been made for those which are now chargeable 
upon it, no considerable deduction on thatacrxiunt is to be expected. A por- 
tion of the amount, also, is not payable until 1826; but the residue, tt^ether 
with so much of the duties accruing in the fourth qunrter of the present, 
and in the whole of the next year, as may be received during that year, wUi, 
after deducting the expenses of collection, constitute the receipts froiu the 
customs during the year 1825. 

The productiveness of the customs, however, depends upon the stale of 
the foreign commerce of the nation. It is estimated that, in the year ending 
on the 30th September lost, the value of domestic articles exported was 
$49,684,710; which exceeded by $2,629,302 the amounts exported in the 
preceding year : and that the value of foreign articles exported was 26,248,783 
dollars ; which was less by $2,294,840 than the amount exported in the pre- 
ceding year. The value of imports during the same period is estimated 
at $78,516,183: which exceeds the imports of the preceding year by 
$936,916. 

For three years past, the average annual value of imports has beeii 
79,778,997 dollars ; that of foreign articles exported, 25,026,201 dollars j and 
that of domestic articles exported, 48,904;732 dollars. The little fluctuation 
which has taken place in these years, and the improvement in the last year, 
maybe regarded as indications that the commerce of the country is lendiog 
to a regular and sound state. If no extraordinary events should occur to 
interrupt it, it is reasonable to infer that there will be uo material or unfavor. 
able change in the ensuing year. 

For the two years ending on the 31st December, 1823, the average annual 
gross amount of duties on imports was $33,227,835. This sum, upon the 
annual average value of the whole importations for the three years ending 
on the 30th September, 1824, was 29.12 per cent.; and upon the averagi 
amount of importations, after deducting the exports of foreign articles, it waj 
42.42 per cent. For the sanr.e two years the average annual nett amoun 
of duties, including tonnage, &c. was $18,758,931; and, for the reasons al 
ready stated, it may be presumed that, independent of any influence whict 
the new tariff may have upon the revenue, the amount wliich will be receiv 
ed into the Treasury from customs, during the year 1825, will be about equa 
to thai sum. 

The operation of the new tariff upon the revenue cannot now be correctly 
estiiuated. On one important branch of imports — those from beyond th< 
.Cape ofCrood Hope — its provisions will not take effect until 1st Januar 
next. As it is only since the 1st July last that it has been in operation ii 
regard to othsr imiwrlatians, and as tlie collectors are allowed by law^ thre 



tizedoy Google 



183i] SECRETARY OF THE TREASURY. 281 

months for rendering their accounts, the addition caused bjr the new tariff 
cannot, even for that portion of the imports, and for one quarter of the 
year, be stnled with perfect accuracy. It is believed, however, that the in- 
vestigation wiiich bos been made with a view to that object affords data 
for estimating its effects with snfficient exactness for the present purpose. 
It has been found that, upon the whole importatioaa, (estimating their 
value at the rates adopted in forming the statistical report,) in Ihe three 
quarters of the year ending on the 30Ui of June, 1824, the gross nmoniit of 
dnties was 27.15 per cent. ; and that, if the rates of the present tariff had 
been apphed to the same importations, the duties would have amounted to 
30.30 per cent. ; which is equal to an increase, upon the amount of duties, 
of 10.39 per cent. (K.) It also appears thatj in eight of the principal ports 
of the United Slates, the rate of duties upon the whole amount of importa- 
tioB^ during the third quarter of the year 1823, was 28.36 per cent., aikl 
daring the corresponding quarter of 1824 it was 30.98 per cent. (State- 
iDeot L.) But it is to be observed that, in the third quarter of 1824, the 
importations from beyond the Cape of Good Hope were not subjected to the 
increased rates of the new tariff. These, it is estimated, would have made 
tbe rale of duties in that quarter 31.40 per cent., which is equal to an in- 
crease of the amount of duties of 7.57 per cent. The new tariff may, per- 
hips, have some effuct upon the importation of those articles which pay 
h^h rates of duty, and for which articles of a lower rate may be sul^ti- 
tated. But as the value of the imports depends more upon the ability of the 
in^rtiD^ country to pay, than upon the amount of duty levied upon the 
articles imported, it is not probable tliat, under the present circumstances 
of the commerce of tbe United States, there will beany diminution in tbe 
■gKivgate. Upon the whole, therefore, it is believed that the revenue de- 
rived from imports will be increased by the operation of Ihe new tarifl^ in 
a i^io nearly equal to that in which it is estimated to have been increased 
during the third quarter of the present year, in the ports' above mentioned, 
« about 7^ per cent. This increase, however, will produce less atigment- 
uioo in the actual receipts into the Treasury during the year 182a than 
tbe subsequent years. 

With these views of the subject, the receipts into the Treasury during 
ibe year 1835 are estimated as follows: 
Customs .... $20,000,000 00 

Lands .... 1,000,000 00 

Bank dividends - • - 350,000 00 

MiscellaaeoDS and incidental - - 150,000 00 



Makmg together 21,500,000 00 

And the residue of the loan authorized 
by the act of the 26th May last . 2,450,000 00 

Forming an aggregate of - - - $23,950,000 00 

The expenditures of the year are estimated as follows: 
Civil, diplomatic, and miscellaneous . $1,68S,02& 76 
Military service, including fortifications, 
aidnaDcc, Indian department, revolution^ 
ary and lailitory pensions, arming the mi- 
litia, and arrearages prior to 1st January, 
1817 5,013,283 60 



tizedoy Google 



883 REPORTS OF THE [1824. 

Naval service, including the gradaal in- 
crease of the navy - - - $3,044,789 31 

Public debt, including a payment of 
$7,654,570 93 of principal - .- 11,962,063 97 



Making together • - - $21,705,163 64 '■ 

Which will leave in the Treasury, on the 1st of January, 
1826, after satisfying all the demands of the year 1S25, a 
surplus estimated at - - - - - $2,244,836 36 

On the 1st January, 1886, a large amount of debt incurred by the late 
Tar, viz: $19,000,000 of the 6 per cent stock of the year 1813, will be 
redeemable. As it is not probable that the surplus means of the year 1836 ' 
wit! more than equal the amount of the sinking fund for that year, only 
$7,000,000 of that slock can be discharged out of the ordinary revenue of i 
the year. On the 1st January, 1827, the six per cent, of 1814, (another por- 
tion of the War debt, amounting to $]3,0()0,000,) will become redeemable; 
and in that year, also, it is probable that not more than $7,000,000 of the 
principal can be discharged. There will then remain- in those two years 
$18,000,000, which cannot be paid out of the revenue of those years. In 
1828, the amount of the principal redeemable will probably not exceed the 
means of the Treasury. In the years 1829 and 1830, no part of the public 
debt is redeemable ; and in 1831, less than $19,000. Policy would seem 
to surest, with a view both to the convenience of the Government and the 
advantage of the community, that the excess of debt, which cannot be 
dischai^d in 1826 and 1837, should be thrown, in equal portions, upon 
these years, in which nothing is payable. For the present, however, it 
may be sufficient to confine such an arrangement to the excess of the year 
1626. From the state of the money market, and the high credit of*^ the 
Government, no doubt is entertained that the $12,000,000 required to pro- 
vide for the excess of debt on the 1st of January, 1826, may be borrowed 
at five per cent., reimbursable in 1829 and 1830 j and, if such an arrange- 
is approved, it is respectfully proposed that authority be given by law for 
that purpose. 

The same object might, perhaps, be accomplished by an exchange of the 
stock redeemable on the 1st January, 1826, for a five per cent, stock re- 
deemable in 1829 and 1830. But it is believed that better terms may be 
obtained by a loan. A proposal for a loan invites competition from all the 
moneyed capitalists, including the Bank of the United States ; whereas an 
exchange of stock confines the demand for the new stock to the holders of 
the old stock, who constitute not only a small portion of the capitalists, but 
a porlieu interested in preventing the accomplishment of the exchange. 
Moreover, the experience of tho Government, during the last two years 
justifies the preference for a loan. In 1922, a law was passed authorizing 
an exchange of $26,000,000 of the seven per cent and of the six per cents. 
of the years 1812-'13-'14 and '15, for a nve per cent, stock, redeemable in 
the years 1830-'31-'32 and '33 ; and only $56,704 77 were exchanged : and 
under the act of the last session, authorizing an exchange of $15,000,000 
of the six per cent, of 1813, only $3,306,307 46 were exchanged. 

Should the suggestion herein oflered be adopted for disposing of the 
xeess of debt redeemable in 1826 and 1827, the amount of public debi 
edeemable in each year will be as follows : 

DigtizedoyGOOJ^If 



XSSI] SECRETAKY OP THE TREASHKY. 283 

In 1826 - t7,664,670 93 of 6 pereenl. 

1826 - 7,002,366 62 do. 

1827 - 7,001,437 63 do. 

1828 - 9,490,099 10 do. 

1829 ~ 6,000,000 00 proposed to be at 5 per ceDt. 

1830 - 6,000^1X10 00 the same. 

1831 ■ 6,018,901 69 Ibe same. 

\ of wbich 81,018,900 72 are at 

1832 - 6,018,900 72 > D per cent, and $6,000,000 at 

f 4^ per cent. 
.833 . 6,673,056 31 "V^^.HlJjr^-^^e-P. 

1834 - 1,664,163 73 at 4A per cent. 

1836 ' 4,736,2% 30 nt 6 per cent. 

This includes all the public debt of the United States, except 97,000,000 
af 5 per cent stock, subscribed to the capital of the Bank of the United 
8tit?s, and 913,296,331 45 of 3 per cents, both of which are pafable at 
■fat pleasure of the Government. As, nnder the foregoing view of the 
debt, all that will be redeemable after the year 1828, will be at an interest 
of 5 per cent., or less ; and as the 6 per cent, stock subscribed to the bank 
■ leimbursable in such portions as me Government may please, any sur- 
fiuses tpbich may remain in 1829, and subsequent years, after discharging 
Ae Aebt redeemable, and proposed to be made redeemable in those years, 
BK be applied to the payment of that stock. Or, if it be deemed advisable 
tireserve «ny such surpluses for other objects, there is no doubt that a sum 
nfficieat to pay off that stock may he obtained at 4} per cent., or even at 
1 lower rate of interest, reimbursable in 1634, in whicn year it will be per- 
osred only a small sum is redeemable. 

According to this exhibition of the subject, reckoning the principal and 
iMerest of the public debt, until its extinction, at about $111,000,000, inde- 
pcadent of the stock sabseribed to the bank, which may always be consid- 
oed as o&et by the OoTernment shares in the bank, it will be perceived 
(hat, by allowing $10,000,000 annually, with an additional $1,000,000 in 
ite&atyear, the whole public debt of the United States will be extinguish- 
<dby the end of the year 183B. 

In speaking of the public debt, it may be proper to notice the reduction 
ifaalhas been effected during the last eight years, both in dieamonntofpria- 
c^ and rate of interest. On the 1st January, 1817, the whole debt oiftbe 
Uitiied Slates was $123,491,%5 16, of which $116,267,805 48 was 
iaaded, bearing an average interest of 6.56^ per cent, per annum. On the 
IttofJannary next, the whole debt will be $86,045,003 18, bearing an 
irera^ interest of 5.^, which shows o reduction of $37,446,961 96 of 
priocipal, and of 33^ in the average rate of interest. 

It is also deemed proper to state, that the Imn of $6,000,000 for the pa^- 
B»nt of awards under the Florida treaty, and the loan of $5,000,000 mt 
paying the six per cent, stocks of 1812, (both of which were authorized at 
■be last session of C<»igress, at 4^ per cent.,) have been token by (he Bank 
of the United Slates at par. The means of dischai^ng the awards under 
the Florida treaty wore required so soon after the authority was given to 
make the loon, as not to leave time sufficient for receiving proposals from a 
distance ; and Uie offer of the bank for the whole loan at par was accepted. 
For the subsequent loan, various proposals were received, amounting in the 
whole, independently of that of the bank, to $2,664,686 37, at rates vary- 
ing betwem par and 4| per cent, premium, and forming an average ps^^ 



a34 REPORTS OF THE [1834. 

minrn of 97^ per cent, on the whole nmonnt offered, as appears by slate' 
ment M, herewith presented. 

The proposal of the bank was for the whole sum, at pnr. Althouph the 
individual offers ore appar^tly more favorable than that of the bank ; 
yet, lakiug into consideration that the Government is the proprietor of one- 
&fth of the capital of the bank, and that a portion of the means of the bank, 
equal to the amount of the loan, would otherwise have been unemployed, 
the offer of the bank, at par, was decidedly the most advantageous for the 
Government ; being, as is explained in statement N, equal to an individual 
ofier nt 41 per cent, premium. 

Thai, during the prioress of the redemption of the public debt, a consider- 
able amount may be applied, by a judicious managenient of the public reve- 
nue, to other than the ordinary objects of expenditure, is apparent, as well 
from a retrospect of what has been done in the last eight years, as by acom- 
parisou between the probable receipts and ex[)enditures in subsequent years. 

Per the eight years commeDciog on the 1st January, 1817, the total means 
of the Troasury, including a balance on hand on that day, of 822,033,599 19, 
and the sum of $16,33<j,747 34, since derived from loons, may be esti- 
mated at 8210,275,899 11 

And the total expenditure at - ■ - - 206,769,230 SO 

Of this amount nearly one-half will have been applied to the payment of 
theprincipal and interest of the public debt, viz : - $101,366,900 67 

To the payment of claims under the Florida treaty • 4,891,368 66 

To the pensioners of the revolulion - - - 9,400,000 00 

To the erection of fortifications - - - 4J200,OOO 00 

To the increase oi the navy - - . - 6,000,000 00 

And to the payment of demands aris- 
ing out of the late war, not less than - - - 4,500,000 00 

Leaving fur all other objects of expenditure, including the civil list, inter- 
course with foreign nations, nrmy and navy, pensions, arming the militia, 
building of light-nouses, extinction of Indian titles, and surveying of puUic 
lands, £c. &c., $75,400,000 ; which sum, divided among tlie eight years, 
is about $9,425,000 per annum. 

It will be perceived tliat, excluding the loans, the annual average receipts 
in those years may be estimated at $21,700,000 ; and, upon the data al- 
ready shown, the annual revenue, in subsequent years, Dlay be estimated at 
$21,600,000. Should no important change be made in the existing national 
establishments, the ordinary annual expenditures, exclusive of what may 
be required for the erection of fortifications and the increase of the navy. 
may be estimated atabout $18,600,000. 

Thus, after providing for the annual demands for the payment of the prin- 
cipal and interest of the public debt, and for all the ordinary expenses of tfw 
Government, there will remain, for the next eleven years, aa annual surplus 
of about $3,000,000, which, after the extinction of the debt in the year 1S35, 
win receive an annual addition of the $10,000,000 now appropriated to the 
public debt ; which surpluses may be applied to such objects conducive to the 
common defence and general welfare of the nation as Biay be within (he 
constitutional powers of Congress, and as they, in their wisdom, may deem 
proper. All which is respectfuliysubmitted. 

WM. H. CRAWFORD. 

Treasury Dspaktment, December 31, 1824. 



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SECRETARY OP THE TREASURY. 






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286 REPORTS OP THE ;ia 

B. 

A STA TEMENT exhihUipg the value and guantUiea, roftdmif 
merchandise on which iiutiea actually accrued during tlu ytet b. 
{consisting of the differenct between articles paying duttf, imfiartiit 
those entitled la drawback, re-exported;) and, also, of the rati rm 
which accrued, that year, from duties on nterchandi3e,tomagtft 
ports, and clearances. 



at7tperceiiL I^.84&33 

15 do. 2,U»),055 45 

SO do. l,2i4,OS3 HO 

95 da 3,aGti,9e&95 

30 do. 493.663 00 

90.3 do. »Br>«e .... 7,744, GM W 



394,416 IB 

,635,336 43 

do. da 50 do. ■ 664,323 55 

pounds, do. 30.9 da -2,105,956 63 

Coffee, do. do. b.O do, . 930, 166 50 

do. da 3.3 do. -1,311,004 75 

bushels, at ao. da . eH),94H 00 

AllcHheri I,B13,7S0 90 



4. Siwar, 

5. Sail, 



From which deduci duties refunded, after deduciiuf therefhnn duties on mer- 
chaodise, the psTticolira of which could not be oaceTtuned, and diflerctice 
of calculation ..-.-.-. 



Add 31 per rent, retained on drawback . . . 

Extra dmy on merchandise imported in foreigit vessels ■ 
Discriinio ruing duty on French resseU 
Interest on bonds --.-.. 
Storage received ---... 



Duties on UMicluUMlife - 
Dalies on tonnage • 
Light BKmej 
Passpom and cleimuiees - 



71,057 94 
17,038 IG 
13,576 00 


3,aeiGs 
s,si7 ea 



Hett revenue, per ■ateuenl A ' 






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1824] 



SECRETARY OP THE TKEASUKy. 
Bxplanatoq/ Statementa and Notas. 



L Wines-Madeira 


68,307 gallons. 


t 100 cents 


868,307 00 


BorguDriy 


4,058 


do.- 


100 do. 


4,058 00 


Sheriy and Sl Lacar - 


»,2S3 


do. 


60 do. 


6,551 SO 


IJsbou, Opono, &c. - 


3a, 471 


do. 


60 do. 


17,735 60 


Teneriffe, Fsyai, 4c. 


185,111 


do. 


40 do. 


74,044 4« 


CtaroL in bolUes 
All oUier 


70,^5 


do. 


30 da 


31,336 50 


1,357.211 
1,730,106 


do. 


16 do. 


303,58165 




391,416 96 












t SfviO-GniD - 1st proof 


196,138 


do. 


43 da 


82,377 96 


9d da 


33,938 


da 


46 do. 


14,817 60 


3d do. 


40,330 


do. 


48 do. 


19,310 40 


4th do. 


I5,95(> 


do. 


69 do. 


8,396 60 


Stb do. 


648 


do. 


60 da 


3^80 


OUker, 1st and 3d do. 


431,876 


da 


S8 do. 


164,113 88 


3d do. 


1,113,063 


do. 


48 do. 


467,066 01 


4th do. 


1,870,470 


do. 


48 do. 


897,825 60 


6ih do. 


1,316 


do. 


67 do. 


749 56 


Above Sih do. 


630 


da 


TO do. 


44100 




3,703,153 


1,666,326 43 












lTM»-BohM - 


6te,864 poands. at 12 cents 


70,303 68 


BoncboD^ 


1,593 114 


do. 


96 do. 


398,378 50 


Hyson skin 


1,967,866 


do. 


ae do. 


551,003 48 


H;son and jonng hy»oo 


3,384,143 


do. 


40 do. 


953,656 80 


Imperial 


965,M5 


do. 


60 do. 


132,769 50 




6,796,511 


3,106,003 96 


Deduct exported Soackoiut 


K6 


da 


96 da 


87M 




e,TO6,255 


9,]<e,916 39 


Add extra dalf en teei. imported 
fjum «lh«r plAMS than 6hi]>a 


6,796,966. 
43,137,431 


do. 


3 do. 


39 71 




9,106,956 63 


(- Bwar— Brown 


1,964,133 63 


White clajed - 


1,118,05* do. 4 da 
43,309,475 
6,435,449 bMhels, al Wcenb 


46,889 16 




1,311,00179 




1,087,069 80 


ExiNXted, baihels 47,486 








Bounties and allo«ancea 










rwlQced kilo bwhela, at 










aocenix . •938,993 










9e6,TO 
4,449,740 


do. 


90 do. 


197,141 80 




889,918 00 



t,i.a,Google 



REPORTS OF THE 

Explanatory Statements and Notes — Contiaucd. 



6. AU olheT ariicles, vi 



Dock—Kusiia 

BoUand - 
SheetiDg-^tirovm Rnssia 
wbile Russia 
B«er, sle, and porter, in bollles 

Oil— spennaceii 

whale and oibei 6ah 
olive, in cuks 

Cbofoiaie 
Supir — candy 



loaf 






reisins, in jars, and Musrutcl 
other 
CandtBS— wax or sperm iii' 
CfaeeM - 
Soap 

Tallow ■ 
SpicM— mace 

buiinegs 



Tobacco, maniifaclDred, other than snuff and 

senis 
Santr 

Couoit 

Gunpowder 

Bristles - 

Olne 

Paints— ochre, dry 

white aud red lead 
Votd—^i^, bar, and sheet 

manufactured into six 
Oordage — tarred, and cablea 
untarred 

Ciqiper— rods and bolls - 
nails and spikes 
Wire — iron and steu, not abore No. 18 

abore Na 18 
Iron— tacks, brads, Ac, not above 16 oi. 

above 16 
Nails 

^ikes - 
Jukchors - 
Iron— pig 



38,563 

3i,a«7 

1.533 



1,115 
5,051 

ISI.bSH 



1,503,330 
I8,S33 
3,314,419 
930,055 
8H,601 
H,t33 
263,361 
361,567 
37,286 
10,649 
450,563 
344,050 



M,969 
133,444 
49,815 
18,676 



tizedoy Google 



;«.] 



SECEETART OP THE TREASURY. 

Explanatory Statemsnts and Notes — Gontinaed. 



6. AH other articles. 


^.,. 


Rateitf 
dwy. 


UtUies. 








CmA. 




. bar, rolled 


CWL 


■a,im 


150 


«110,053 M 


hammered - 




do. 


69S,43T 


75 


619,337 W 


sheet, rod, and hoop 




do. 


35,837 


250 


69,593 50 






do. 


18,570 


100 


19,570 00 


ap 




do. 


66,896 


150 


98,739 00 


no - 




do. 


1,130 


SOB 


3,S60 0D 


peraa 




do. 
biBheb 


18,838 
719,081. 


100 
5 


13,838 00 
35,95106 


J. driedor"smoked 




^imels 


3,057 


100 


2,057 00 


salmon, picbied 
other, pAU - 




«,616 


900 


5,990 00 




d«. 


97 


lU 


146 50 




do. 


388 


too 


388 00 


ss, bottles, black qoart 




loS^ 


11,761 


144 


16,935 84 


window, not aboTe flbfW - 


9,516 


250 


6,990 00 


10 1? la - 


&. 


1,174 


375 


3.8S8 60 


abora IOI7I3 - 


do. 


3»9 


335 


11,696 76 


*a 


pairs 


113 


150 


168 00 


«s and sluswis, silk 


da 


1,641 


30 


493 30 


^^ leather, men-a, 4c. 


do. 


1>,939 


31 


784 16 


chiUren'i 


do. 




15 




ara - . . . 


M. 


14,619 


350 


36,547 60 


yiugcuds 


packs 


841 


30 


259» 




poonds 


507,831 


1 


5,078 91 




1,814,864 Tb 


>edaci excess of eiporlalion over importi 
idles, lallow - • - at Seei 


itioD, Viz: 








113,34,308 


Si.oseof 






Uow - - - . at Ic* 


[It. 6,304 


53 » 






.>e8, childtea's - - - alia coi 


IB, ^WB 


31 7E 




1,103 86 














1,813,750 90 



TftBi.SCRT Depastmbiii', 

A^itta's QMse, Itnuary 1, 1826. 

JOSEPH MOURSE. Register. 



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REPORTS OP THE 












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SECRETARY OF THE TKEASDRY. 



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998 REPORTS OP THE [1834- 

E. 

STATEMENT of monej/s received intotke Treasury, from aU sourcet 

other than custotna and public latids, during- the year 1823. 

From arrears of old internal revenue - - $73 96 

direct tax of 1798 - - - ■ 108 00 

new internal revenne - - - 34,16S 21 

new direct tax - - - - 10,229 71 

dividends on stock in ttie Bank of tlie United Stales . 350,000 00 

fees on letters patent ----- 4,740 00 

postage of letters . . - - - no 69 

cents coined in the mint of the United States - - 12,750 00 

fines, penalties, and forfeitures - - - 10 00 

returned passage money of American seamen - 30 00 

amount received under the act to abolish the United 

States trading establishments - - - 37,547 95 

surplus emoluments of officers of the customs - - 22,493 84 
moneys previously advanced on account of the fourth 

census 3,178 84 

moneys previously advanced on account of military 

pensions ---..- 1,828 84 
moneys previously advanced on account of prisoners 

of war 4.683 65 

balances of advances made to the War Department, 

repaid under the 3d section of the act of the 1st of 

May, 1820 53758 03 

$535,7 09 72 

TrEABURT DEPARTUENrr, 

Register's Office, Dwstnber 16, 1824. 

JOSEPH NOURSE, Register. 



tizedoy Google 



1824.] 



SECRETARY OP THE TREASURY. 
F. 



STATEMENT of the' expenditures of ike UnUed Slates for Ike 
year 1823. 

CIVIL, MISCELLANEOtrS, 4«0 DIPLOMATIC, VIS: 



Legislature - - . . 

Gxecntive departmeots 
Officers of the mint 
Sarveying department - 
Commissioner of the PuUic Buildings - 
Governments in ifaa Territories of the 
United States - - - . 

Jodiciaiy ■ - . . 

Aonnities and grants • 

Uliot establishment 

Onclaimed merchandise 

Light-house estabhshment 

Surveys of public lands 

BooDiJary lines between Missouri and 

Arkansas 
Land claims in Florida Territory 
Adjustment of land claims in Michigan 
Territory - - . . 

Road from (Jhimberland to Ohio 
Repairing road from Cumberland to Ohio 
Roads wilhta the State of Indiana 
Soada and canals within the State of Mis- 
souri - - - - . 
Muine hospital establishment - 
Pnbhc buildings in Washington 
Apartments in the City Hall for the Cir- 
cuit Court of the United States 
Monument over the tomb of Elbridge 
Gerry - - . . 
Payment of claims for property lost 
Payment of balances due to officers of old 

iaternal revenue, &c. 
foment of balances due lo collectors of 

new internal revenue 
IVobibition of the slave trade - 
Eocouragetnent of learning within the 
State of Illinois ... 

Payment of certain certificates - 
ftiichase of the sixth volume of the Laws 

<rf'the United Slates - 
Bdrntlding the public wharf, and repair- 
ing pubuc stores at Staten island 
Additional Commercial Digest - 
Mttcellaneoas expenses • - - 



$339,057 22 

4r3,668 91 

9,600 00 

15,216 66 

1,500 00 

29,518 75 
190,350 H 



2,328 14 

14,13« 12 

334 69 

207,610 23 

135,996 98 


IO,911 DO 


2,000 00 
8,292 95 




50O 00 

8,000 00 
ir,857 84 




4.r29J4_ 
'44,7bl 13 
116,200 00 


3,-Vt 


10,000 00 




1,000 00 
100 00 




2,027 67 




203 72 
2,682 08 




6,956 82 
331 34 




2,200 00 




13,499 00 

1,000 00 

64,024 66 

W 


Loesn 



CtOO^Tc 



REPORTS OF THE 



Diplomatic deparUDont 
OmtingeDt expenses of foreiga inter- 
course . . . - 
Missions to the iodepeadeDt Dations on 

American ccntinent 
Relief and protcclion of Atnerican sea* 
men . . . - 

Treaty with Spain - - - 

Prize causes - - - - 

Treaty of Ghent, {4th, 6th, and Tth ar- 
ticles) - - . . 
Treaty of Ghent, (first article) 
Treaties with Mediterronean powers - 



«101,328 66 


30,684 37 


69,620 00 


26,984 28 
20,272 93 
12,008 00 


13,394 00 
10,014 20 
9,021) 22 



pm 



HILITART DEFABTHENT, VIZ: 



Pay of the army 

Sabsistence .... 
Forage - . - - . 

Clothing .... 

HfedicaTand hospitol department 
Contingent expenses 
Ordnance .... 

QaartermaBter's department 
Repairs and contingencies of fortifica- 
tions - - - . - 
Fort Monroe .... 
Fort Calhoun .... 
Fort Washiogtoij ... 
Fort Delaware - - - . 
Fort on Mobile Point ... 
Fort on the right bank of the Mississippi 
Fort opposite Port St. Philip - 
Military Academy at We«t Point 
Brigade of militia ... 
Medals for officers 
Arrearages - . - 
Balances due to certain States • 
Preservation of arms 
Repairing arms - . . - 
Preservation of ammunition 
Array supplies - - . - 
Repairs ot arsenids 
Arming and equipping the militia 
Gratuities .... 
Armories - - - . 
National armories on tbe western waters 
Expenses of recruiliog - 
Militia courts-martial, New York 
IjUlitia coorts-martial, Pennsylvania 



952,944 51 

271,712 66 
36,624 71 

126,833 41 
18,176 19 
16,337 11 
32,872 06 

262,707 83 

28,123 31 

102,142 89 

78,343 69 

32,971 93 

46,500 00 

81,997 18 

16,675 79 

23,697 20 

11,187 62 

794 66 

2,700 00 

44,854 83 

6,841 60 

42 24 

4tS 96 

1,796 68 

4,496 33 

176 23 

207,956 24 

3,050 77 

344,641 77 

3,500 00 

9,086 99 

2,487 74 

162 80 

, zec^yGOOJ^If 



1834.] 



SECRETARY OP THE TREASURY. 



BBrracks at Baton Range - 

PDrchase of woollens for 1823 

Road from PJaltsbCirg to Sa;kett's Harbor 

Ransom of Ameiicaii captives 

The Rjgolets 



Haps, plans, &c., for War Office 

Bevoliitionar/ peosions 

Invalid and haif-phy pensions 

Contingencies of Indian department 

(Srilization of Indians ... 

P&y of Indian agents 

Pay of sub-agents .... 

msenis to ladiaas ... 

Treaty with the Creeks 

Treaty with the Choctaws - - 

Saginaw treaty .... 

Treaty of Chicago .... 

Purchase of Creek and Cherokee reserva- 
tions - - 

Annuities to Indians 

Boervation of Indian lands 

Pnrchase of lands in Tascarawas ooaaty, 
Ohio .... - 

Boaoties and preminias - . . 

IWtificatioDs - - . . 

Bepairs of Fort Jackson ... 

Cteinon, powder, shot and shells - 

Expenses at arsenals ... 

Belief of sundry individuals 

Belief of officers, &c. of Seminole com- 
paigo - - 



Prom which deduct the following repayment : 
Expenses of holdini; treaties with Indians, 
per act of 20th April, 1818 



129,178 77 

75,000 00 

2,150 00 

2,636 90 

94,527 82 

30,861 08 

10 00 

1,449,097 04 

331,491 48 

74,884 28 

13.765 67 

23,660 60 

11,476 29 

11,678 27 

23,053 37 

502 58 

2,000 00 

1,050 00 

34,500 00 

183,074 88 

9,000 00 

1,000 00 
3,t)94 04 
4,281 00 
3,856 30 
369 63 
4 19 
39,266 81 

41,056 47 

6,266,957 89 



8,663 12 



-$5,258,294 77 



NAVAL DBPARTUENT, VIZ : 



P»y of the navy 
Provisions - . - 

Repairs of vessels - 
Navy yards, dec. 
Medirjnes ... 
Contingent 

Ordnance and ordnance stores 
Superintendents, &c. 
Laborers and fuel for engine 
Gradual increase - 
Suppression of piracy 
Prohibition of the slave trade 



904,664 43 
217,260 20 
399,174 85 
82,324 73 
26,161 98 
158,108 61 
7,666 61 
40,201 76 
21,861 00 
307,729 34 
104,476 93 
8,408 7S 



tizedoy Google 



29^ REPORTS OF THE [1624. 

laclined plane docks, &c. . - - $24,700 06 

Ship houses .... 4,914 II 

Survey of the const of Florida - - 1^37 50 

Survey of the coast of North Carolina ' - 402 00 

Pay and subsistence of the marine corps - 164,353 30 

CiotbingofmaTine corps - - 27,878 IS 

Fuel for mariue corps <■ - - 4,134 32 

Military stores, mariae corps - - 7,937 80 

Contingencies, mariae corps - - 16,852 62 



From which deduct the following repay- 
ments: 

Purchase of timber - - $100 00 

Purchase of vessels from 8 to 16 

guns - - - 1,632 fQ 

Captors of Algerine vessels . 14,970 25 

Officers and crew of the Hornet 26U 83 



2,520,613 94 



16,863 11 

. -$2,503,766 8» 



PUBLIC DEBT, VIZ: 



Interest and leimbursementof domesticdebt 5,924,0B4 37 
Certain parts of domeslic debt - - 504 97 

Reimbursement of Mississippi stock - 6,477 07 

6,590,01« 41 



$16,314,171 00 



Treasury Department, 

Regiattfa Office, December 16, 18S4. 

JOSEPH NOCBSE, Hegisttr. 



tizedoy Google 



SE0RET4KY OP THE TRKASUEY. 



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1884.] SECRETARY OP THE TREASURY. 299 

H. 

STA TEMENT of moneys received into the Treasury from all sources 
other than customs arid pnblie lands, from the 1st of January to the 
310th September, 1824. 

From arrears of old direct tax of 1798 - - - $5,203 SO 

new inleraal revenue - - - 28,053 94 

new direct tax - - - - 998 4fl 

dividends on stock in the Bank of the United States 360,000 00 

fees on letters patent - . , - 4,770 00 

cents coined at the mint - - . . 5,650 00 

returned passage money of an American seaman • 10 00 

surplus emoluments of officers of the customs 31,490 66 
money received under the act to aboli^ the United 

States trading establishments - • - 17,860 00 
balances of advances made to War Department, re- 
paid under the 3d section of the act of Ist May, 

1820 ...... 42,498 69 

moneys previously advanced on account of prison- 

eis of war 2,984 91 

iDoneys previously advanced od account of military 

pensions ..... 400 00 

489,820 06 
loan of five millions, at 4^ per cent., to provide for 
the awards under the treaty with Spain - - 5,000,000 00 

»6,489 ,820 06 

T«EAauBT Department, 

Blister's Office, December 16, 1824. 

JOSEPH NOURSE, Register. 



oy Google 



REPORTS OF THE 



[IS 



STATEMENT of the expmdiltires of the Untied Stata, frmn 
lat of January to the SOih Septembtr. 1824. 

CITIL, HISCEU.ANE008, AND DIPLOMATIC 



Ijegi^tiire .... 
Executive departments - 
Officers of the mint ... 
Coiamissioner of llie Public Buildings • 
Surveying depnrtmeot . - - 

Goveraments in the TeAitoriea of the 

United States 
Jodieiary .... 

Annuities and grants . . - 

Hint eetablishment ... 
Payment of demands fat uoclMined mer- 
chandise .... 
Light-house estaUishmeot 
Surveys of public lands 
Boundary lines between Missouri and 
Arkansas .... 
Land claims in Florida Territory 
Re^sters and receivers of land offices - 
Repairing toad from Cumberland to Ohio 
Roads within the Indian territory, from 

Nashville to New Orleans 
Roads within the-State of Indiana 
Roads within the Stale of Alabama 
Roads and canals within the State of Mis. 
souri - . - - . 
Payment to Ohio of the nett proceeds of 
lands sold under the 3d section of the 
act of 28th February, 1823 - 
Marine hospital establishment - 
Public buildings in Washington 
Payment of certain certificates - 
Payment of balances to collectors of new 
internal revenue . . - 
Payment of balances to officers of old in- 
ternal revenue and direct tax 
Accommodation of the President's house- 
hold 

Miscellaneous expenses . - - 

Payment of claims for property lost 
Land claims in St. Helena land district . 



9616,388 39 

368,236 46 

6,910 00 

1,185 00 

13^20 66 

22.467 79 

160,236 88 

1,663 03 

21,469 76 

784 27 
110,397 82 
87,630 00 

1,000 00 

10,297 46 

706 00 

17,000 00 

7,920 00 
11,462 n 
32,969 01 

3,282 79 



10,206 41 

35,445 84 

87,800 76 

331 10 

353 73 

630 26 

839 24 

106,6(19 22 
30 00 
937 50 



$1,077^ » 



H9,H<iS 



tizedoy Google 



SECRETARy OF THE TREASURY. 



18K4.] 

Diplomatic department . . - $56,023 96 

GoDtiogent expeDses of ibreign intercourse ie,(>64 83 
Miasions to the indepeOdcDt nations on the 

American continent - - 28,669 72 

Relief and protection of American seamen 33,467 36 

Treaty of Ghent, (4th, 6th, and 7th articles) IU,OU 44 

Treaty of Ghent, (1st article) - - 10,699 10 

Treaty withSpain - - - 15,517 60 

Claims on Spain - - - 4,776,671 99 

Treaties with Mediterraneao powers • 6,000 00 



94,940,715 90 



MILITARY DEF&BTHENT, VIZ : 



Pay of the army ... 

Sabsistence .... 

Poraee . . . . - 

aothing . - - - . 

Medical and hospital department - 

Contingencies .... 

Ordnance , . . . 

Unartermaster's department 

Fwtifications - . , . 

Repairs and contingencies of fortifications 

Fort Monroe .... 

Fwt Calhoun - . . . 

Port Washington 

Fort Delaware - - - . 

Fort on Mobile Point 

Ftort at the ftigolets 

Port Jackson, at Flaquemine Turn 

Fort at Brenton's Point - 

Fort at New Utreteht Point 

Repairs of Plymouth beach 

Harbor of Presque Isk - 

Inqiroving the Ohio and Mississippi rivers 

Surveys, &c. of roads and canals 

Belief of officers, &c. of Seminole cam- 



Uitary Academy, West Point 
■edala for ofBceni 
Arrearages 

Balances dae to certain States 
Boooties and prenuuHM 
Gratnities 

Expenses of recruiting 
Armories 
Arsenals 
Arming and equipjung the militia 
National armory, western waters 
Purchase of GridJey's farm 
Purchase of woollens for 1826 
Ransom of American captives 



819,361 57 

208,794 14 

32,986 44 

161,073 46 

20,170 56 

10,173 46 

31,584 97 

227,353 30 

227 70 

7,956 66 

72,077 35 

67,102 09 

9,275 14 

11,600 00 

84,630 99 

92,000 00 

64,824 17 

28,500 00 

5,000 00 

10,000 00 

1,000 00 

2,736 84 

16,379 00 

10,355 27 

9,892 31 

2,216 00 

33,157 46 

5^10 27 

21,332 95 

12,176 72 

6,233 70 

294,357 38 

1,800 00 

142^9 81 

3,117 00 

10,000 00 

12,000 00 

662 76 



tizedoy Google 



800 



REPORTS OF THE 



[19S4. 



Maps, plans, &c. for Wat Office - 

Boad from Plattsbarg to Sackelt's Hubor 

Road from Ohio to Detroit 

Road from Penaacola to St. Augnstine 

Belief of sundry indiTiduals 

Invalid and half-pny penaions 

Revolutionary peations - 

Purchase and reserration of Indian lands 

in Georgia 
Purchase of Qnapaw lands 
Treaty with the Choctaws 
Treaty with the Creeks - 
Treaty with the Florida Indians - 
Military escort to Florida Indians 
Civilization of Indians 
Pay of Indian agents 
Pay of sub-agents 
Presents 

Contingencies, Indiao department 
Indian annuities 



$662 76 

1,36U 00 

125 UO 

15,000 00 

133,600 73 

230,442 93 

1,266,531 23 

4,000 00 
7,000 00 
480 00 
23,000 00 
23,667 60 
3,600 00 
10,011 49 
24,799 24 
10,868 33 
16^9 96 
98,363 70 
176,825 00 

4,649,142 16 



From which deduct the following re- 
payment: . , T J- 

Expenses of holding treaties with Indians, 

net act of 20th April, 1818 «599 67 

Fort opposite Fort St. Philip 168 00 



NATAL DEPARTMENT, VIZ : 



Pay of the navy 

Provisions 

Medicines . . - 

Repairs of vessels 

Ordnance and ordnance stores 

Navy yards, ice. 

Pay of the navy afloat 

Pay of the navy shore stations - 

Contingent expenses, prior to 1824 

Contingent expenses for 1824 

Contingent expenses, not enumerated 

Gradual increase 

Inclined plane docks, ice. 

Ship-houses 

8aM>ression of piracy 

ProhibiUon of the slave trade 

Survey of the coast of Florida 

Survey of Charleston harbor 

Superintendents, artificers, &c. - 

Laborers, and fael for engine 



9163,309 13 

227,951 88 

33,179 66 

303,608 01 

20,017 48 

54,628 41 

544,908 33 

169,221 06 

100,533 67 

87,826 99 

44 45 

226,544 58 

7,712 63 

31,386 60 

14,036 12 

12,636 03 

865 67 

2,962 37 

3,182 10 

7,432 97 



tizedoy Google 



1821] 



SECRETARY OP THE TREASURY. 



Rewarding officers and crews of two g^ge, 

under commnnd of Lieutenant Gregory $3,000 00 

Captors of Aleerine ressels - - 56 69 

ReUef of sundry individuals - 1,619 26 

Fay and subsistence of marine corps - 129,904 66 

Clothing for Ibe marine corpe - • 19,692 42 

Military stores for the marine corps 3,051 25 

Fuel for the marine corps - . 3,775 93 

Contingent for the marine corps - - 6,a88 41 

Medicines for the marine corps ■ - 460 29 

Barracks for the marine corps • . 6,631 81 

2,173,147 5S 
From which deduct the tbllowing lepay- 

ments: 
Bewarding the officers and crew of the Con- 

stitntioD ' ■ . $66 63 

Boilding barges • - - 409 58 



»2,172,671 34 



PUBLIC DEBT, VIZ : 



blerest, ice., domestic debt - • 4,101,284 94 

Bedemption of seven per cent, stock - 4,170,623 97 

RdmbursementofMississmpi stock - 2,600 00 

Principal and interest of Treasury notes - 20 00 

8,274,528 91 

$81,663,702 73 

Trbasurt Department, 

Register's OJlce, December 16, 1824. 

JOSEPH NOURSE, Register, 



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REPORTS OF THE 



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SECRKTABY OF TUE TREASURY. 



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REPORTS OP THE 

M. 



[1824. 



SUMMARY STATEMENT of proposaU made ty Ihe Bank o/lkt 
United Slates and others for the loan of five mUlions of dollars, author- 
ized by the act of the ^tk of May, 1S24. 

By the bank (upon the condition of receiving the entire 
loiin) at p»r 86,000,000 00 



By individuals— 


At par 




At i per 


cent, advance 


At! 


do. 


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do. 


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1,004,000 00 
60,800 00 
60,000 00 

1,000,000 00 
10,000 00 
10,000 00 
10,000 00 
10,000 00 
50,000 00 
28,686 37 
30.000 00 
10,000 00 
200,000 00 

2.472,686 37 



At such premium as may he fixed upon for the entire loan, 
not to exceed 5 per cent. .... -au,iiuu uu 

In etocit, on as £iTorable terms as the loan is taken, not 

exceeding 2 per cent, advance - - - 30,000 00 

At par, or, if the whole loan is made at an advance, at such 
an advance at which it may be eifectcd - - 32,000 00 

Making an average premium of 97^ cents per cent, on - $2,554,686 37 



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SECRETART OP THE TREASURY. 






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$1,531,406 26 
1,523,671 87 
1,515,937 50 
1,508,303 12 
1,600,468 75 
1,493,734 37 
1,485,000 00 
1,477,265 62 
1,469,531 25 
1,461,796 87 
1,464,063 60 
1,446,328 12 
1,438,593 75 


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81,336,500 00 
1,329,750 00 

1,323,000 00 
1,316,360 00 
1,309,500 00 
1,303,750 00 
1,396,000 00 
1,389,250 00 
1,288,500 00 
1,375,760 00 
1,269,000 00 
1,363,350 00 
1,356,600 00 


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08 REPORTS OF THE [1884. 

No. 1. 

STATEMENT <^ the debt of the United Stoics, October 1, 1623. 



DeTerteduiper cenl.stoclc, aared«cmeil amonnl ' 
Three per ceni. slock . . - . 

I. — 1 ^ -'i per tentstock , - . 



•S^' 



cent, stock of 1813 - 

1S13 (16 milliims) 
l813(71iuitlions) 



TKasnry noie six per cenl. sioch - - . 

Do. seren per cent. Slack ■ 

V\ve per cent, slock sabscnptiun to Bank United Biktes 



8633,113 14 
13,396,331 45 
2,668,974 99 



2,845 44 
1,437 63 
(1,099 10 
6,847 34 
6,490 37 
0,000 00 



Treasury Department, 

Register's OMce, December 23, 1824. 

JOSEPH NOURSE, Register. 



No. 3. 
STATEMENT of the debt of the UnUed States, January 1, 1824. 



Deferred six percent, stock, uQTedeeaiedanioant - 
Three per cenu slock 
Exchanged sii per cent, stock 

Six Mr cent, stock of 1813 - 

Do. do. 1813 (16 miUioDs) 

Do. do. 1813 (71 mitlions) 

Do. do. 1814 - 



Treuni; note six per cenu slock - 
Do. scTen pel cent, stock - 

Fire per cent, dock snbMiriMion to Buk United Stmtes 



7,546 96 
6,331 45 
6,974 99 



15,497,818 63 
6,813,845 44 

13,001,437 63 
9,^0,099 10 
I,4e7,se4 09 
8,606,490 37 
7,000,000 00 

4,736i!96 30 
56,70*77 



Trbasukt Dbparthent, 

Regittei's C^ce, December 



JOSEPH NOURSE, Register. 



tizedoy Google 



1824.] SECRETARY OP THE TREASURY. SOS 

No. 3. 

STA TBMBNT of the debt of the UnUed States, \st October, 1824. 

Three per cent, slock - - - $13,296^1 45 

Exchanged six per cent stock - - 2,658,974 99 

$16,965506 44 

Six per cent stock of 1812 6,187,006 84 

Six per cent, stock of 1813 (16 millions) '15,497,818 63 

Six per cent, stock of IS13 {7^ millions) '6,812,845 44 

Set per cent, stock of 1814 - - 13,001,437 63 

Sir per cent, stock of 1815 - - 9,490,099 10 

Treasury note six per cent, stock - ] ,467,364 09 

Treasury note seven per cent, stock - 4,483,093 17 
Fire per cent stock, (subscription to the 

Bank of the United States) - - 7,000,000 00 

Fife per cent, stock of 1820 ■ - 999,999 13 

five per cent, stock of 1821 - - 4,735,2% 30 

Exchanged five per cent, stock of 1822 - 56,704 77 
Four and one-half per cent, stock, per act 

of ibe 24th May, 1824 -' - 5,000,000 00 



Treasury Department, 

Regiata's Office, Decembrr 23, 1824. 

JOSEPH NOURSE, Register. 

» Tbere has been issued, since ihe 1st of October last, mder Ibe act of the 36th Mbt, 18S 
cenificates of funr and one-half per cent. Mock, in ezcbange for ttn eqii^ amount of the si 
pu cent stocks of 1813, subscribed prior to ibatdaj:, Ihe sum of $3,30e3O' 1^ 



The amount of the debt on tbe 1st October, 1823, per estimate (No. 3) 
wiiich accompanied the Secretary's report of the 31st December, 1823, 
was stated at - - - - - - $90,451,834 24 

The reiiobuTsement of the deferred stock, to that day, in- 
dnsivfi, was over-estimated - - . . 39 79 

Amount of the debt on the 1st October, 1823, per statement 
No. 1, herewith . - , . . $90,451^ 03 

Add Treasury note six per cent, stock, issued in the fourth 
qaarter of 1823 - - - - - 716 76 

990,462,680 TO 
Deduct reimbursement of defeired stock on the 3lA De- 
cember, 1823 - 274,665 88 



tizedoy Google 



310 BBPORTS OP THE [1834. 

Amount of the debt on the 1st January, 1824, per slatemeat 

No. 2, herewith 890,178,014 90 

Addlbui andon^-halfper cent, stock, issued undsr the act 
of the 24th May, 1834 - - . . 5,000,000 00 



Deduct Teimbursement of deferred stock 

diiriDg the first three quarters of 1824- $357,646 26 
And the seven per cent, stock purchased 

under the act of 22d January, 1S24 - 4,123,397 10 



$95,178,014 90 



4,480,943 36 

Amount of the debt on the 1st October, 1^4, as above 

stated $90,697,071 54 

Add estimated amount of four and one-half per cent, stock 
proposed to be issued during the fourth quarter of the 
' present year, under the act of the 26th May, 1824 - 2,500,000 00 

$93,197,071 54 
Deduct payments to be made during the same period, viz : 
For the redemptioo of the exchanged six 

per cent, stock , ■ - . - $2,668,974 99 

Sesidue of the seven pei cent, slock ■ 4,483,093 17 

7,152,068 16 

Which will reduce the debt on the 1st January, 1825, to - $86,046,003 38 



ESTIMA TED amount of Treasury notes outstanding on the \at Octo- 
ber, 1834. 

Total amount issued, as per No. 4, of last report - $36,680,794 00 

Cancelled and reported on by the First Auditor - 36,661,038 00 

Outstanding . - - . . .^ $19,756 00 

Consiatingof small Treasury notes - - . $2,576 00 

Notes bearing interest - . . 17,180 00 



Tkbascry Department, 

Register's Office, December 23, 1824. 

JOSEPH NOURSE, Register. 



tizedoyGOOJ^If 



188t] SECRETARY OP THE TREASURY. 



No. 5. 

STATEMENT of the slock issued under the act of Congress entitled 
" An act supplementary to the act for the indemnification of certain 
claimants of public lands in the Mississippi Territory," passed on the 
3d of March, 1815. 
Amount of claims awarded, per statement No. 6, of laat 

report $4,288,151 12^ 

Whereof there was paid in for lands, per said report - $2,447,635 39 
Payments at the Treasury (o the 30lh 
Somber, 1823 - - - $1,813,356 86 

hyments from 1st October, 1623, to 1st 
December, 1824 - . . - 7,242 34 

1,820,599 20- 

Btlaace 1st Decermber, 1824, conuBtingof— 
Certificates outstandiog - - 13,971 93 

Awards not applied for - - 44 601 

14,016 63i 

$4,283,151 12^ 

TftEASORV DsrARTHBVT, 

Begister'a Office, December 23, 1824. 

JOSEPH NOURSE, Register. 



tizedoy Google 



REPORTS OP THE 



REPORT ON THE FINANCES. 

DECEMBER, 1825. 



Ill oh^ience to the directions of the act suppleoientory to (he act enti- 
tled " An act to establish the Treasury Deparlmenf," passed on the 10th 
of May, 180(1, the Secretary of the Treasury has the honor to submit to 
Congress the following report. 

I. OF TUB PUBLIC REVENUE AND EXPEKDITUBE OF THE TEARS 18^ 
AND 1825. 

There being no direct tases of any kind, duties of excise, or other inter- 
nal duties, in operation under the authority of the United States, the public 
revenue, by their existing laws, arises almost entirely from duties upon for- 
eign merchandise imported, and upon tonnage, and from the sale of thie 
public lands. Tliere are other branches from which small and occasional 
receipts are derived : as dividends on bank stock, the post office, arrearages 
of taxes due under former laws, and other incidental payments ; the a^re- 
pate of which, whether from temporary or permanent sources, is inconsider- 
able, as will appear by statements annexed to this report, where all are reca- 
pitulated. The receipts from the post office, indeed, have of late years 
exceeded a million of dollars annually ; but this sum, exhausted for the roost 
part in defraying the expenses of that extensive and useful establishment, 
performs in this manner the highest purposes of revenue, by contributing to 
the intercourse, the trade, and the prosperity of the country. 

The nett revenue which accrued from duties on imports and tonnage, 
during the year 1S34, amounted (see statement A) to $20,385,430 42 

The actual receipts into the Treasury from all sources, during the year 
1824, amounted (including the loan of five millions at 4^ per cent, interest, 
to discharge Florida claims) to - - - - $24,381,212 79 

Viz. 

Customs (statement A) - - $17,878,325 71 

Public lands (statement D) - - 984,418 15 

Dividends on slock in the Bank of the 
United States, arrears of internal duties 
and direct taxes, and incidental receipts 
(statement E) - - - - 472,987 04 

Repayments of advances made in the 
War Department for services and supplies 
prior to the 1st of July, 1816 - - 45,481 89 

Loan made under the act of the 24th of 
May, 1824, " to provide for the awards 
of the commissioners under the treaty 
with Spain" .... 6,000,000 00 



Making, with the balance in the Treasury on the 1st of 
January, 1824, of - - - - - 9,463,922 81 

An aggregate of $33^845,136 60 

DigtizedoyGOOJ^Ic 



1826.] SECRETARY OP THE TREASURY. 313 

The r^lar and pennangnt expendituies of the United 
States divide themselves into two principal branches — first, 
the sums authorized by law for defraying the whole expenses 
of the Government, dontestic and foreign, civil, military, and 
naval ; second, those provided for the payment of the intBrest 
aad principal of the public debt 

The actual expenditures of the nation, on all accounts, 
during the year 1824, atnounted (statement F) to - $31,898,638 47 

Viz. 
Qvil, diplomatic, and miscellaneous - $7,165,308 81 
]|ilitary service, including fortifications, 
ordnance, Indian department, revolution- 
ary and military pensions, arming the 
militia, and arrearages prior to the 1st of 
January, 1817 - ■ - 5,270,264 34 

Xaval service, including the gradual in- 
crease of the navy - - - 2,904.681 66 
Pnblic debt .... 16,568^393 76 

beaviog a balance in the Treasury, on the 1st of January, 
1825, of - $1,94 6,597 13 

The difference between this balance and that stated in the last annual 
report from the Treasury is reconciled by the facts— that the balance, last 
fear, was given as an estimated balance, subjnct to correction by actual 
letticreient afterwards; and that it includ^ the moiety of the loan of five 
millioDS, under the act of May 26, 1824, which was not paid into the 
Trpasury until after the 1st of January. 

The actual receipts into the Treasury, during the first three quarters of 
tbe year 1826, are estimated to have amounted to - $21,681,444 66 

Viz. 
Customs .... $15,196,397 00 

Public lands, (statement G) - • 976,902 67 

Dividends on stock in Uie Bank of the 

United States - - - 367,600 00 

Arrears of intemaLduties and direct taxes, 

and incidental receipts, (statement H) - 98,886 29 

Repayments of advances made in the War 

Department, for services or suppUes 

prior to 1st of July, 1816 - - 41,758 60 

Loan under tlie act of May 26, 1624 - 6,000,000 00 

ijDd the actual receipts into the Tressury, during the fourth 
quarter of the year, are estimated ot - • - 6,100,000 00 

Making the total estimated receipts into the Treasury, 
daring the year 1826 26,781,444 56 

And, with the balance in the Treasury on the 3l8t Decem- 
ber, 1824, of 1,946,597 13 

An abrogate of - - - - - - 28,728,041 69 



oy Google 



814 REPORTS OP THE 1182&. 

The expenditures, during the first three 
quarters of the year 1826, are estimated 
to have amounted (statement I) to Jt20,l90,979 91 

Viz. 

Civil, diplomatic, and mis- 
cellaneous - ' $2,096,625 16 

Military service, including 
fortifications, ordnnnce, 
Indian department, revo- 
lutionary and military 
pensions, arming the mi- 
litia, and arrearages prior 
to the 1st January, 1817 4,890,310 59 

Navftt service, including 
the gradual increase of 
the navy - - 2,127,156 37 

Public debt - - 11,074,987 79 



And the expenditures, during the fourth 
quarter, are estimated at - - 3,2S3»D0O 00 

Via. 

Civil, diplomatic, and mis- 
cellaneous - $445,000 00 

Military service, mcluding 
fortifications, ordnance, 
Indian department, revo- 
lutionary and military 
pensions, arming the mi- 
litia, and arrearages prior 
to the 1st January, 1817 960,000 00 

Naval service, including 
the gradual increase w 
the navy - - 8^0,000 00 

Public debt - - 1,02^000 00 



Making the total estimated expenditare of the year 182? $23,443,979 dl 

And leaving in the Treasury, on the 1st of January, 1826, 
an estimated balance of - - - - $5,284,0 61 78 

Should the expectations fenned respecting the receipts in (he fourth 
quarter be realized, the amount of receipts lor the whole year will have 
exceeded the estimate presented by the Treasury at the last session of 
Congress, by about $500,000. 

It is to be remark^ that, of the above estimated balance of $6,284,061 78, 
the sum of $3,600,000 is not subject to appropriation, being the ealimated 
amount that will remain, on the 31st of Decemter next, unsatisfied, of appro- 
priations heretofore made. These appropriations, being necesBary {br the 
objects for which they were severally made, are still an existing charge 
upon the means of the Treasury. Ofthercsiduarybalanceof $1,76^,061 7^, 
it is proper distinctly to state that about one million cannot be counted upon 
in any estimate of effective funds for the public service. It is made up of 



tizedoy Google 



182B.] SECRETARY OF THE TREASURY. 315 

debts due from vaiious banks, whose notes were received by the Govero ment 
during the suspensioa of specie payments, or which were heretofore used as 
banks of deposits; debts of which the recovery must, in regard to a large 
part, be doubtful, and in any case slow. It may be proper to add, that the 
permanent deposites, generally made in the Stale banks, have recently been 
wilhdTBwn,or put in train to be so ; the public exigencies which rendered it 
necessary to make them, in common with those on which the losses above 
mentioned are likely to occur, no longer existing. Such portions of the de- 
podtes as may stiU remain in any of tnese institutions will be further with- 
drawn, as circumstances may render just and expedient, until these opera- 
tions are closed ; nor will tliey be renewed where it may be avoidable. 

It may be proper, also, to state that directions have lately been issued to 
■II the receivers atid collectors of the public revenue not to receive, in any 
payments mnde to them, bank notes of any of the State banks, of less amount 
than five dollars. In discountenancing a speciesof paper circulation deem- 
ed to be objectionable, reference was had to the authority and example of 
Congress upon this point, as seen in the prohibition to the Bank of the 
United States, and to the banks existing in ihe'District of Columbia, against 
iMiing notes of a lower denomination. To guard against all inconvenience 
tD individuals iromibe adoption of this measure by the Treasury, especially 
in the districts when the public lands are sold, an adequate previous notice 
VM directed to precede its enforcement. 

II. OF THE PirBi;TC DBfiT. 

The total amount of funded debt due on the 1st ot Oc- 
tDba, 1825, (statement No. 3,) was - - - $8Q,98S,S3 7 72 

or the above amonnt, the only portion remaining unpaid 
of the revolutionary debt, is the three per eea&., amonnting 
lotl3,396,231 45. Thissumandthesubscriptionof seven 
oithons in the Bank of United Slates, at five per cent (the 
United States holding en equal amount in the shares d'that 
iastitntioR) are redeemable at tlie pleasure of the Govern- 
Btnt; makhtg together .... - $20,29 6,2 31 45 

The rendue of the public debt, contracted subsequently to the 1st of 
JasDary, 1812, and amounting to $60,689,306 27, exists in the following 
portions, and is redeemable at Sie following periods, viz : 
In 1826, bemgtheresidueunpaidofloans made in 1813916,270,797 24 
In 1837, being the residue unpaid of loans made in 1814 13,096,642 90 
In 1B28, being the residue unpaid of loans made in 1816 9,49^099 10 
The stock of the foregoing portions of the debt, is all at 
6 per cent. 

In 1829, stock at 4^ per cent, being the moiety of 6 per 
cent, stock of 18)3, exchanged under the act of Congress 

of March 3d, 1826 792,669 44 

In 1830, stock at 4^ per cent., being the other moiety 
exchanged as last above stated ... - 792,569 44 

In 1^1, stock at 6 per cant. This is one-third of the 
sum of 956,704 77, issued in exchange for the 6 per cents 
of 1813, 1814, and 1816, subscribed under the act of the 

aOth of April, 1822 18,901 69 

In 1832, stock at 6 per cent., being one other third part 
of the sum subscribed, as laat above stated - - 18,901 69 



, Google ■ 



316 REPORTS OF THE [1826. 

In 1832, stock (U 4^ per cent, borrowed of the Bank of 
the United States, one half to pay the Florida claims, the 
other half to pay off the 6 per cents of 181:^, under the act 
of Congress of May 26, 1824 ... - $10,000,000 00 

In 1^2, stock at 6 per cent., under the act of Congress 
of May 15, 1820 ..... 999,999 13 

In 1833, stock at 5 per cent., being the renuining third 
subscribed under the act of April 30, 1822 . - 18,901 59 

in 1833, slock at 4^ per cent., being one moiety of the 
amount subscribed in exchange for 6 per cent, stock of 
1813, under the act of May 26, 1824 - . - 2,227,363 97 

In 1834, stock at 4^ per cent., being the other moiety 
subscribed as last above stated . - -. • 2,227,363 98 

In 1836, stock at 6 per cent, being the amount issued 
under the act of Congress of March' 3d, 1881 - - 4,735,296 30 

Total redeemable at the periods specified . . 60,689,306 27 

Total redeemable at the pleasure of the Government - 20,296 231 45 

Total amount of funded debt on the 1st day of October, 
1825 80,985, 5 37 72 

The amount of Treasury notes outstanding on the 1st 'of October, 1825, 
is estimated (No. 4) at $16,000. 

And the amount o( Mississippi stock unredeemed on that day, inelud> 
ingawards not applied for, (No. 5,) at $7,850 17. 

The foregoing recapitulation exhibits the precise amount of the public 
debt now* due, as well as the different periods at which, by the terms of the 
several loans under which it was contracted, the United States ore at liberty 
to pay it off. Of the sum of $11,074,987 79, mentioned, under the head o[ 
expenditures for lt^5, as having been paid off in that year, 97,727,052 19 
were on account of principal of the debt, and the remainder on account of 
interest during the first three quarters of the year. Nearly the whole of the 
principal thus paid was outstanding at an interest of 6 per cent. Looking 
to the above recapitnlation, it appears that in the years 1826 and 1827, a 
larger amount of debt becomes redeemable than it will fall within the ordinary 
surplus means of the Governm^it to pay in the course of those years, viz : a 
snm exceeding sixteen millions in the former, and thirteen millions in 
the latter year. Both these portions of the debt are also at an interest of six 
per cent. In 1828, the amount redeemable is at a point which it may be 
hoped the stated means of the Treasury for that year will reach ; the ability 
to pay off increasing as the process of reduction advances, both by the in- 
creasing means of the nation and the annual liberation of interest od the 
amount of debt reduced. But in the year 1S29 only a very small aoiount 
becomes redeemable, viz : less than one million, and in the year 1830 a sum 
no laiger. 

At the period of the last annual report from the Treasury, no portkn of 
the debt became redeemable in dther of those years ; and with a view to a 
more equal diffusion of payments, as well as to effect a saving in interest, it 
was recommended that the excess of debt, which oould not by the ordinary 
resources of the Treasury be discharged in 1626 and 1827, (the debt re- 
deemable in the former year then standing at $19,000,000,) should be 
tturown in equal portions upon tbe years 1S29 and 1830. To carry this 



„Gooj^lc 



1886.] SECRETARY OP THE TREASURY. 317 

ncommeDdation into effect, so far as Emptied to the year 1826, a loan of 
twelve milbous vaa recommended, at 5 per cent. ; one half to be Tedeemable 
ia 1829, the other half in 1830 ; the entire twelve millions being iatcnded 
to ccHistitute a iutid witb which, in conjunction with the annual surplus 
means of the Treasury, to pay off the nineteen millions redeemable in 1826. 
The priaciple of the recommendation was adopted by Congress, but not its 
precise terms. An act was passedon theSdofMarch, 182o, authorizing an 
eichapge of stock to the amount of twelve millions of dollars, at four and a 
half per cent., for a stock of like amount at six percent.; the latter being so 
much of the stock of 1S13 as was intended by the act to be redeemed. The 
act also authorized a loan to the same amount, and at the same rate of inter- 
est, to accomplish the same object; both modes not to be pursued, if either 
succeeded. The new stock of four and a half per cent , whether proceeding 
&iHn the eschange or the loan, was, by the terms of the act, to be subject 
to redemption in 1829 and 1830, in equal portions. The proper measures 
were taken to execute this act, but have prevailed only to a limited ex- 
tent The operation of exchange, which was first resorted to, took effect to 
the amount of $1,585,133 86; and this sum, divided into equal parts, forms 
the two sums that now stand in the general table of the debt as redeemable 
is the years 1829 and 1830, whilst they have also served to diminish, by so 
mcb, the six per cent stock of 1813. Proposals for a loan for the residue 
of the sum wanted were next issued; but no offers were received. 

The causes of the failure, it may be presumed, were the low rate of in- 
terest and short periods of redemption held out by the act, in conjunction 
Tilh ao activity in the commercial and manufacturing operations of the 
conatry, afibnling higher inducements to the investment of capital. This 
mode of dealing with the debt, whereby, through the instrumentality of new 
loans^ stock at a high interest is converted into stock at a reduced interest, 
ud whereby, also, the extinguishment of the principal is made to fall in 
ptymeata as nearly equal as may be throughout a given number of years, 
it evidently advanlsgeous to the public ; since it not only lessens the national 
apeoditure, on account of its interest, but guards against the possible accu- 
uilatioD of money in the Treasury, in years when it might remain inactive, 
towards the progressive reduction of the debt As it is a mode fully sanc- 
tioned by Congress heretofore, it is respectfully recommended, on th^ occa- 
noD, that aD act be passed, at an early day of the session, giving authority 
to borrow nine millions of dollars, at an interest not exceemng 5 per cent, 
ndeemable in equal portions in 1829 and 1830, in order that the Treasury 
may be enabled lo pay ofi^ in 1836, the entireremaining amount of the 6 per 
eom. atock <tf 1613 redeemable in that year. Nine million, with the dia- 
poB^le means which the Treasury will probably have at command in 1626, 
it is believed, will form a sum commensurate with this object. Five per 
cent is named as the maximum of interest; and, considering the short^riods 
of redemption, it is not probable that the loan could be obtained at a lower 
tsU. The contingencies of the money market might, indeed, produce more 
favorable o^ra ; but these are not to be counted upon, with any approach to 
that certainty which should form the basis of sncn a financial operation. 

Should the act in question be passed, it is further respectfiiUy recommend- 
ed that, in the event of the loan feing obtained under it, authority be givento 
iame to the holders of the stock under the 3d of March last, exchanged stock 
equal to the amount of the subacriptioo before stated, viz: $l,56o,138 88, 
bearing lbs same rate of interest as that which may be issued under the act 



tizedoyGOOgle 



318 REPORTS OK THE [1821. 

proposed. The two acts will have had precisely the «une object. The se- 
cond, should it succeed, will only hare consummated an operatioD which 
will dote its inception from (be first. It is therefore considered tiiat it 
will belong to a proper eatimate of good faith to place the slockholdeis 
under both acts upon a footing of equality. Those wfeowere willingtoac- 
c^e to the tenns of Uie Government at an early day iti this transaction, 
should not be left in a worse situation than those who may have held back 
in the hope of better offers. Let all be treated alike. It is thus that the 
Government will exalt itself before the nation. It is thus that, substituting 
an expanded justice for the mere letter of a bargain, it will be likely to in- 
vite still la^r confidence in future. It is thus that it will ultimately be 
the gainer, by (hat connexion invariably subsisting between the permanent 
interest of every Government, and its standing of unimpeachable and spon- 
taneous equity in the eyes of the public creditor. 

Should aa act for the loan of nine millions be passed, n oonaiderable sur- 
plus of debt, at 6 per cent., will sTill remain to be provided for, for the ser- 
vice of 1827; more than thirteen millions of the stock of 1814 becoming 
redeemable in 1827, the whole cannot be redeemed in that year, but with 
the aid of a loan. A loan of six millions would be sufficient, in all proba- 
bility, for this purpose, and js, accordingly, recommended; the interest not 
to exceetl five per cent. , and the amount to be also subject to redemption in 
1829 and 1830, in equal portions. The effect of the two loans recommend- 
jkI which it would be most desirable to authorize in distinct acts, would, it 
is believed, be to enable the Government to redeem the whole of the six 
per cent, stock of 1813 and 1814, in the course of 1826 and 1837. It would 
also throw upon each of the years 1839 and 1830 an amount of debt equal 
to about ei^t millions and a half, instead of less than one million, according 
to the distribution as at present existing. The only remaining stock of six 
per pent, would then be that of 1815, in amount under nine millions and 
a hal^ redeemable in 1828. Shonldnounforeseen expenditures arise, and a 
proper economy be kept up in the public admiDislmtion,it may reasonably 
be hoped, as before intimated, that the surplus revenue at thedisposal of the 
Treasury, in 1838, will be equal to the reimbursement of that sum, Afler 
1830, the whole amount of debt, on the results herein assumed, would stand 
at about forty millions ; full one-half of which will be redeemable at the 
pleasure of the Government. No portion of it will be at sn interest exceed- 
ing five per cent., whilst the principal part will be at a rate still lower. 
With these views of the public debt, so encouraging in their bearing upon 
its speedy, certain, and regular extinguishment, it is not deemed necessary 
to recommend, at present, any other measures in relation to it than the two 
loans described. 

Ill, •P THE ESTIMATE OF THE PUBLIC REVENUE AND EXPENDITURE FOB 
1826. 

Ilie public revenue is derived in an amount so piapoiuleradn&i'rom bt- 
eign commerce, that the stats of the hitter is always to bp chiefiylooked to, 
in every prospective view of the national inccnne. Aa the interaal businas^ 
of the country has worn a chaiactex of activity and increase during the pre- 
sent year, so has also its foieign trade, by tbat close connexion, wmch sub- 
sists between ibem. The exports for the year eodiiig on the 30th Septem- 
ber last have exceeded ninety-two millicfis of dollars. The imports have 
exceeded ninety-one millions. Of the exports, upwards of sixty-six millioDB 
were of domestic, and the remainder of foreugn productions. 

Of (he imports, upwards of eighty-six milhcus were in American vessels ; 



1835.] SECRETARY OF IttE TREASURY. 319 

of the exports, upvards of eighty-one tniUions. Coasidehog that the veS' 
sets of those foreign nntions with which the United States have the most 
extensive commercial intercourse are now placed upon a footing of equality, 
as to dnties and charges of whatever kind, in oui ports, with the vessels of 
the United States, this heavy excess of American tonnage is a signal proof 
rfthe flourishmg state of our navigation. It may serve to show how the 
efficient protection extended to it by the early laws of Congress succeeded 
in establishing it in a manner to meet and overcome all competition. Be- 
fore the era ot Uiose laws, it is known how this great interest languished; 
how little able it proved, before the auxiliary hand of Government was 
stretched out, to support itself against the established superiority and over- 
whelming competition which it had to face in the world. 

The foregoing amount of exports exceeds, by about seventeen millions of 
dollars, the average amount for the three years preceding. The imports 
exceed, by about eleven millions, the same average. ■Whilst this large ex- 
cess of exports, during the past year, arises chiefly from the produce of the 
3o3, it is satisfactory to know that domestic manufactures have lent their 
cmtribation. Of the latter, there have been exported to the value of be- 
tween five and six millions of dollars. This is an excess of eight hundred 
thoDsand dollars over those exported in 1824jand of more than two mil- 
lioDs of dollars over those exported in 18S3. The progressive increase in 
this branch of industry is naturally ascribable to the new tariff. 

The effects of the tariff upon the course of our foreign trai^, in other p^ 
spects, have, as yet, been but very panially disclosed. More time Viust 
elapse before such a body of successive facts can be presented under it, as 
may lay a foundation for confident conclusions. The law itself, by the 
terms of its enactment, has not yet come into full operation in all its parts; 
and the returns in possession of the Treasury are not yet complete, even 
for the short period during which its principal provisions have had any ef- 
ficacy. One thing seems apparent: that its effect, up to the present period, 
has not been to diminish the general aggregate of the foreign trade of the 
country. In estimating the value of the importations for the last year, it is 
probable that even an increase will be found to have taken place in some ar- 
ticles CD which the duties were raised ; as in fabrics of cotton, and in seve- 
ral articles composed of iron : whilst in other articles of this last material, 
» well as in some articles composed of wool, a decrease will be observ- 
able. But a fact challenges notice, Uiat can scarcely have been withoDt its 
operation upon our importations during the commercial year just closed : It 
is the extensive changes that were announced in March last, in the tariff of 
Great Britain. The trade of that country exerts such an influence upon the 
trade of other countries, that any important alterations in the former must 
always foe likely to affect, to a greater or less extent, the markets of Europe 
and of the commercial world. The larger admission into England, which 
■he above changes authorized, of the commodities of other countries, hereto- 
bcepoBkivety or virtually excluded for ages from her ports, must have af- 
fected the prices of a portion at least of uose commodities, by the prospect 
of a new vent thus suddenly opened to them. This is known to have been 
the case in regard to aome csmmoditiee, the dnties upon which were low- 
ered by the British tariff — which commodities are also amongst those inport- 
ed from Europe into the United States. It is presumable that it may have 
been the case in r^rd to others less distinctly known. Hence the addi- 
tional value of foreign merchandise ioqwited into the United States during 
the post year caanot, in rail cases, be taken as the true measure of an addi- 
tioDal ipiaiititf ; the laws of the United States requiring the value of for- 



320 REPORtS OF TH6 [1826. 

eign articles to be fixed at the port of exportation, and at the time of ex- 
portation. Tliese changes in the Briljsh laws of trade, cperatin^ simulla- 
neously with the new tariff at its cominenceaieiit, increase the difficulty of 
ascertaining, at this juncture, the exact effects of the latter, even for a single 
year, upon the course of the foreign tihde of the United States. 

The importations for the year being so large, and the provisions of the 
new tariff mainly attaching to them, a corresponding amount of revenue 
will arise from this source during the year. Accordingly, the gross amount 
of duties accruing upon imports and tonnage, from the 1st of January to 
the 30th of September last, is estimated at twenty-&ve million five hun- 
dred thousand dollars. The gross amount that will probably accrue for 
the whole year, is estimated at thirty-one millions. Should this amount 
prove to be correct, it will exceed, by six millions of dollars, the amount 
which has accrued during any one year since the excessive importations 
that immediately followed the war, viz : those of 1815 and 1816. 

In estimating the clear revenue that may be expected to arise from the 
duties of the year, the amount of them to be drawn back on exportations of 
R portion of the articles on which they have accnied, the losses that may 
ha[>pen, and the expenses of collection, are all to be taken into consideration. 
The duties secured by bond during one year, ate chiefly payable in the year 
that follows. A portion is payable in the same year ; but this is generally 
counterbalanced by the portion that also becomes payahle in the next year, 
on the importations of that year. It will be more than counterbalanced if 
the importations prove greater, and will not be met if they prove less. De- 
benture certificates for payment of drawback beiilg demandable at any 
time within a year after the importation of the articles intended to be ex- 
ported, the niunber and amount of them chargeable upon the accruing du- 
ties of the year can never be accurately foreknown. 

The debentures issued during the first three quarters of the present year 
amounted to $4,489,710 29. This is more, by $1,537,710 99, than those 
issued during the corresponding period of the precediug year. The amount 
of those outstanding on the 30thof September lost, and chargeable upon the 
revenueofl826,was81,858,315 64; which is more, by $854,313 64,tilnn 
was chargeable on the same day in 1824 upon the revenue of 1825. 

The ainount of duty bonds in suit on the 30th of September latf was 
93,987,347 22,' which is $92,791 9S more than was in suit on the some 
day in the year preceding. 

Deducing from the Joregoing statements, the conclusions and probabili- 
ties^that may at present seem warrantable, the receipts for 1826 are esti- 
mated OS follows, viz : 
From customs ..... $24,000,000 00 

pubUc lauds 1,000,000 00 

bank dividends 386,000 00 

miscellaneous and incidental recaipts - - 115,0 00 00 

Making an a^nregate of - - - S!i6,600,000 00 

The expenditures of me year are estimated as follows : 

Viz. 
Civil, miscellaneous, and diplomatic - $2,032,464 66 
Military service,iiicladingfortifications, 
ordnance, Indian department, revolution- 
ary and. military pensions, arming the 
nulitia, and arrearages prior to the 1st of 
JanuHT, 1817, ... 6^,668 65 



tizedoy Google 



1925] SECRETARY OF TftE TREASURY. 321 

Naral service, includinggradiial increase $3,026,612 81 
Public debt - --,-.- 10,000,000 00 

Making together ; -»- - $20,584,730 02 

Which will leave in the Treasury on the 31st of Decem- 
ber, l&iQ, after satislying all the demands of that year, a ; 
aupliis estimated at - - - - - $4,915,269 98 

If tbe remark be entitled to any altention, that the recent alterations in the 
Biitish lavirs of trade have affected the importations into the United States 
daring the existing year, by increasing their ad valorem amount, it ought 
Bot lo create surprise if Uie value of importations in 1826 should fall below 
ittlof 1825; because, admitting that tliese laws served, on their first promul- 
ntion, to enhance the price ofcertain enumerated commodities in the mar- 
utt of Europe, it is not probable that this effe« of them will be either ex- 
Knsive or permanent. One of their main /rfovisions is known to consist in 
aiedQction of the duties upon a list of arrfcles manufactured in the different 
anatries of Europe, as well as in Brij^'n. But the most important articles 
rf this list were already so thorougWy established in the manufactories of 
Sritaiu, as to be beyond the react cf competition from abroad. Hence the 
invil^e of introducing ther^^ere, and especially to any large extent, 
iaeaniag' for consumpliop in Britain, without here alluding lo her ware- 
^oiuang system,) must p^ve, in the end, lo be nominal rather than real. 
imong the list are ("*" fabrics of woollen, of cotton, of linen, of hord- 
«re ; and the ne^r scale of duties is to have added to them, in every case, 
the amount of ai^y internal excise duty previously existing, or which may 
a any time afWrwards be imposed upon the same articles, when manufac- 
toed in Kn^and. The forecaat of that country, in all that relates to the in- 
KestB of bef manufactures, justifies the belief that she will not fail to cou- 
oliate the continued protection of them, with whatever other abrogations 
*e mtly engraft upon her commercial code, either in relation to the other 
uiiAs of the world, or to her own dependencies in whatever part of it, 

ft has been seen how largely the exportation of our own manufactures, 
Airing/Tie past year, has exceeded the exportations of the two years preced- 
ing, ^ may be added, that in no previous year since the foundation of the 
Gonrament has the exportation of American manufaclures reached an 
amount at all approaching to that of 1825. This is known from official 
daciiineats as far back as 1803, and no doubt can be entertained of its being 
3oe for the remainder of the period. This fact, in conjunction with the 
increasing consumption of these manufactures at home, and not lees of their 
hi^roviug quality, gives gmtifying assurance of the progress of this most 
m^rtant branch ofthe national industry. It may be considered as marking 
(be como^encement of an epoch in the national resources, since an intimate 
OMine^on is believed to exist between the full encouragement and success 
of domestic manufactures, and the wealth, the power, and the happiness of 
ibe country. The United Slates would, it is thought, overlook what is due 
to the essential interests of their agriculmre, which can never reach the full 
point of prosperity but under tbe constant and various demand of the home 
Duket ; of their foreign commerce, which can never expand to its fiill limit 
of activity, or reap its full measure of riches, but with the aids of on active 
home trade, and of an export trade enhanced in its value by being diversified 
in its objects; ofthe exuberance of their soil, yielding the best materials for 
10 many of the iabrice which conduce to the wants, the comforts, and the 
icfinMoetttB of the social state ; of the industnr, the enterprise, the frugality, 
Vol. II.— 21 ' h^Ic 



332 REPORTS t)F THE [1825. 

of Iheir people ; of the unrivalled equality of their I&we, which, interdicting 
exclusive rights and monopolies, invites the most energetic exertions of every 
individual in the field ol competition; and, finally, of the advantages flowing 
from the absence of pecuniary exactions by the hand of Government upon 
the internal products and labor of the country — if they do not vigorouely 
uphold the manufactures of the country, now for the first time appearing to 
be upon the eve of striking root. It is acommencement that deserves every 
seasonable improvement. The territorial size and fertility of a country 
depend upon nature or upon accident. Both the one and the othar may 
eziat upon the largest scale ; but in vain, if a provident Government do not 
second these giRa ; whilst nations destitute of them, and strnggling against 
positive obstacles of nature, are seen to arrive, through the wisdom ot their 
policy, at the heights of prosperity and renown. To give perfection to the 
mdustry of a country lidi in the giita of nature, and blessed in the ben^- 
cence of its Government ; to draw out its obvious resources, and seek'conatant- 
ly for new ones, ever ready to ut^M themselves to diligent inquiry urged on 
by adequate motives ; to augment thimimber and variety of occupations for its 
inhabitants; to hold out to every deg>^e of labor, and to every modification 
ofskill.ifs appropriate object and inducement: these rank amongst the high- 
est ends of legislation. Toorganize the Mjole labor of a country; tocntwc 
into th4 widest ranges its mechanical and inttij^tual capabilities, instead of 
suffering them to smmber ; t6 call forth, wherevbr hidden, latent ingenuity, 
giving id eflbrl activity, and to e&ulation ardor ; t*. create employment for 
tbe^reatest amount of numbers, by adapting it to the di.^rsified feculties, pro- 
pensities, and situations of men, so that every particle of ^Hity, every shade 
of ^nius, may come into requisition, is, in other words, t<i]ift up the con- 
dition of a country, to increase its fiscal energy, to multiply ^e means and 
sources of its opulence, to imbue it with the elements of general as well as 
lasting strength and prosperity. It is in the destiny of nation^,, that the 
highest points of advancement are not to be arrived at, but through ^e com* 
plicated yet harmonious action of lltese elements. That extensive andflour- 
ishinc maJlpfactures, with the triiin of useful arts allied to them, tend to 
propel nations in this onward course, is a maxim believed to be enntrced by 
the best light; of experience, and to be of peculiar application to the United 
States, under the present circumstances of their interior and external coudi' 
tion. By a flonrishing stale of manufactures, we shall see rising up a new cIbes 
of capitalists, rivallinEf in the extent and usefulness of their operations, an Jin 
the amount of their gains, the wealthiest of our merchants ; spreading, too, 
by the education and habits for which their pursuit.-; when largely condiicted 
nudce acall, useful knowledge and science, wherever these pursuits concentic. 
By a flonrishing stateof manufactures, we shall see the gain»of the merchant 
augmented, evwi in his trade of imports ; since, for every foreign fabric ex- 
cluded frcHfl consumption by the ultimate use of the rival fabric at home, 
other fabrics wilt find their way to us ; consumption having no limits but the 
alnlity to buy, and this alnlity invariably increasing as home manufectures 
nsanme variety and attain perfection. It is then that they create and difiiise 
wealth, by what is the only true foundation of it in a nation— ^e universal, 
sabdivided, and successful industry of the people. It is then that they make 
a call for an abundant circulating medium, by quickening the operations (^ 
purchase «md sale. It is then that they attract the precious metals to h conn- 
try, and, beyond any other power of retention, keep them there. By nu- 
merous manufactures, we shall see agriculture, the first pillar in the State, 
stand firm ; for wb^ they shall have raiaed up new ci^talists, who so Bare 
to muQtata pn^toble dealing mik them as tbeoimer{tf thesoil? FWthe 



1825.] SECRETARY OF THE TREASURY. 323 

treasures that cover its surface, and that lie beneath it, he is then sure to 
find a market, both regular and growing, whatever the political or mercan- 
tile victs-situdes at a distance ; and as sure to buy at cheap rates the fabrics 
that he wants — cheapness being the necessary consequence of full competi- 
tkin among a powerful class of artisans at home. TSy numerous manufac- 
mres, in {iRe,we shall see reared up in the State that additional pillar, which, 
standing io the middle, is indispensable lo the stability of the other two ; for 
die State must be in a false position, lying perpetually at the mercy of ex- 
trinsic events, when reposing only upon foreign commerce and agricnllure. 
Tbe great intermediate interest, strengthening and upholding both the 
others, is mami&clares. When to the complete establishment of these the in< 
temal improvement of the country shall have been superadded, the farmer 
of the United States cannot but perceive that the measure of his prosperity is 
made potentially full. Discouraging distances between himself and his cus- 
tomers exist no longer. Through the wisdom of art, the obstacles of nature 
iisappeAi. He sees combined with the advantages of a country of almost 
boundless extent pjid capacity of production, the facilities of quick iuter- 
coorse, which compensate to small countries ttie want of these advantages. 
He sees time anticipated in the elective augmentation of our number£;7or, 
u with machinery in manufactures, so with canals and good higt^ways; 
ihey change the relative weakness of a thin and scattered, mto the activity 
and power of a condensed popu lation ;,therwby exemplifying the highest wis- 
dom of legislation — the noblest works of government — guided by toe inlepi- 
jence cuia stimulated by the energy of freedom. 't 

In giving these opinions in favor of domestic manufactures, it is kn^ivn 
liiat other opinions exist on this subject, claiming the support of distinguish- 
ed Dames, Ixith at home and abroad. For these opinions, as they have from 
me to time been witnessed in the discussions of the legislative hall at 
hoDoe, the utmost deference is ft^lt. Nevertheless, it is deemed proper to 
communicate with candor those contained in this report, deliberately weigh- 
ed as they have been, and uttered, as they also are, under the obUffations of 
official duty. In the submission of plans for the improvement oHne public 
revenae, none occur more likely to prove salutary than those that look to 
llie fostering of manufactures ; under the truth, that in the ^rilliplied pro- 
ductions of nature and art in a country, the result of industry and skill every 
There diffused, lie the best and only foundations of finance. When lh« 
people of a country are universally and profitably employed, the aggregate 
of individual becomes the surest measure of national prosperity; and reve- 
nue for the public occasions will always be at hand, under whatever forms 
the Government may deem it most expedient and least burdensome to call 
it 6mh. The facts of the world are on the side of these opinions; it being 
iocMitesteble that nations which have reached the most imposing heights 
of physical and intellectual power, are those in which manufactures have 
been the most numerous, and arrived at the greatest perfection. It is more 
afiplicable to add, that this perfection, amongst the nations where it has been 
awrt ccmspicuous, ^s been achieved through the most comprehensive and 
rigorona protection a^orded to this kind of industry — a protection perse- 
vend in throughout ages, and never given up whilst its objects remained . 
uaaccoD^ished. The speculative economists of Europe are in opposiyr'' 
bt the experience that surrounds them, and not less frequently to «aci}Q^ 
aod to themselves, when they would hold up to any one nation th^ ideas 
benefit of an opposite system. "France," says one of her wt^^\f\ «ja 
writers of this doss, (but who knows how to reconcile the ei>'' 
of &ee trade with those first dudes &at evwy natioD^«- 

. .„LTOOJ^If 



321 REPORTS OF THE [1825- 

probably indebted for the beauty of her silk and woollen naannfactares lo 
the wise encouragement of ihat administration which advanced to the manii- 
fnclurers two thousand francs for every loom at work." The same writer, 
(Say,) whilst describing the condition of some of the provinces of that 
country, and which, as he says, wanted nothing but towns to brin^ them 
into high cultivation, adds, Ihat '- hopeless, indeed, would be their situation, 
were France to adopt the system which recommends the purchase of manu- 
factures from foreign countries, with the raw produce of domestic agricul- 
tore." France stilt adheres, in the midst of her riches and power, to the 
practice on which these sentiments are founded. Nor is the example of 
Britain, up to this very moment, less absolute or less instructive. The 
prohibitions, the bounties, the high duties, the penalties; (by force of which, 
throughout a long tract of time, the manufactures of ihat country have 
gained so much excellence,) never in anywise abated, until, by the recent 
avowals of her statesmen, high in intelligence as authority, British fabrics 
were not merely certninjo continue the supply — immense as it is known to ■ 
be — of the home demand, but to find their way, in a proportion far greater 
than those from any other country, into all the markets of the world. The 
United States, with a combination of natural and political advantages, a^ 
transcendent in number as degree, have before them these and other exam- 
ples; the lights of co-cxistent nations; the amplest demonstrations of expe- 
rience for building up their manufactures; and, by that vigilant legislative 
assistance, without which ihey have never been known in any country to 
establish themselves in large or durable pre-eminence. Nor has this policy 
been found to interfere with an abundant foreign commerce in the wealthiest 
and most industrious nations. It has, on the contrary, carried its bounds 
still further; since every nation, by its habits and position, will always com- 
mand saperior facilities for excelling in certain branches of labor and art. 
which it\herefore chiefly cherishes, leaving to other nations the opportuni- 
ty of excelling in other branches, or of running the career of beneficial 
rivalry in the same ; by which system the artificial productions of the world 
are augmented and improved, and the fields of traffic, through the increas- 
ing desires and varying tastes of mankind, as opulence and civilization 
make new advances, more and more extended and enriched. If the nations 
of Europe, whose industry and interchanges move in circles geographically 
proximate to each other, have not yet adopted this policy, or have fallen back 
in their prosperity by the fact of its absence; if those nations that have 
adopted it are still seen V) keep to it, or have only swerved from it afVer its 
Mids have been attained; by stronger reasons should the United Slates act 
upon it. Their remoteness from all the chief sources of supply of manu- 
fiictured articles, forms the additional motive; not to invoke that which 
might be drawn from the burdens, and even exclusions, still in full existence 
in other countries, against some of their primary productions. That a popu- 
lous and independent nation, a nation civilized since the moment of its ex- 
istence, and whose instittitions, by their essential principle, tend to accele- 
rate it in the career of intellectual and social, as already they have conferred 
upon it political eminence, should have continued as long as the United 
States have done, t» derive from a distance, to be computed only by the 
space of oceans, so many of the fabrics which conduce to the necessary or 
tasteful accommodations of life, if not without precedent, has, perhaps, not 
before existed in the case of any other nation upon the same extensive scale. 
Without adverting to the contingencies which may diminish or cut off this 
«ipply from remote hemispheres, the very deterioration |to which time, and 
more frequently casualty, expose no inconsiderable portitm oftfiese fabricf 



1825] SECRETARY OF THE TREASURY. 325 

before the ofitural and intended uaes of them c»n be eshansted, and where 
the skill (hat made is loo often alone competent to renovate or repair, be- 
comes, by so much, a dead loss to the capital of the importer or consumer, 
and consequently to that of the nation. The amount of it would po far, it is 
believed, towards forming a fund for encouraging the equally perfect fabrica- 
tioa at home of most of the articles of foreign origin consigned, by the cituse 
alluded to, to premature inutility or destruction. Besides the advantages ol 
manufactures for home use, the present moment is deemed to be peculiarly 
auspicious, (not to say urgent,) forfostering them, from the situation and cir- 
cHmstances of the rest of the world. An era has arrived, upon which after 
ages are to leek back as to a point in the commercial destinies of mankind. 
The colonial system is fast falling to pieces. Over immense regions it is to- 
tally gone ; involving the certainty of changes, both in the channels and the 
objects of trade, as vast as they will be various. The family of nations has 
been extended ; new continents, new oceans, are opened to independent in- 
tercourse, to ajust and equal participation inthebene&tsof which the United 
States cannot but be alive. These benefits they can scarcely derive to the 
full and proper extent, but by giving themselves to the large fabrication of 
tboee works of art for which their climate, their productions, and the skill 
ud capital of which their citizens are already in possession, especially quali- 
fj them. The course of their export trade for the last two years, as stated 
ia this report, is an encouraging omen of their ability and aptitude to enter 
this new and great field of competition. Not to follow up such beginnings 
by timely and judicious measures, might be to let opportunities pass, not ^- 
vays to be recalled. Whilst nations, shut out by their limited territory 
from agricultural products as the basis of foreign trade, have yet pushed the 
Utter to its farthest limits by manufactures alone as tliat basis, it is the favor- 
ed lot of the United States to superadd to the extent and riches of their soil 
a state of social advancement, and an amount of town population, already 
equal to the most extensive and varied operations of manufacturing industry. 
Not to found establishments by which this species of profitable industry 
may take life, and spread over the land, would, it is believed, be to forget 
alike what is due to the best interests of agriculture on the one hand, and to 
the further enlargement of our commercial powerupon the other. 

In expressing the convictions embraced in the foregoing remarks, it is not 
intended to close them by recommending any general revision of the tariff, as 
fixed by the act of Congress of the 22d of May, 1824. But it is deemed proper, 
under cover of them, respectfully to submit theexpediency of effectively in- 
creasing the existing duties upon all manufactures of cotton of a fine quahty. 

The fecilities and inducements to the fabrication of cottons of every de- 
scription in the United Stales are so great, that the most beneficial conse- 
quences may be anticipated from the full establishment of this manufacture 
in aJl its finer branches, in like manner as, by the protection already afforded 
to cotton fabrics in the coarser branches, we have seen these latter establish- 
ed with advantages so manifold and decided. And should we establish, 
completely, the &rmer also, such is the quantity in which we produce the 
raw material of this prominent manufacture of modem times, and (what is 
still more important,) such its quality, that there is no cause for apprehending 
that our immense exportations of it abroad will stop. On the contrary, it - 
may be expected that they will go on progressively increasing. 

Concurrently with this recoramendatidn for an augmentation of duties 
OQ all cotton manufactures of fine quality, it is deemed advisaUe to submit 



tizedoy Google 



REPORTS OF THE [1825. 

also the expediency of lowering, lo a small extent, the duties at preeent 
existing upon teas, upon coffee, and upon cocoa. 

These articles, especially the two former, are of such large consumption 
in the United States, as to take rank among the necessaries of life. They 
go to make up a part of the daily beverage of the poor as well as the rich, 
and should therefore not be pressed upon too heavily by the hand of taxa- 
tion in any form ; the less, m they trench upon no rival production at hoine. 

Their more enlargedconsnmption would tend to incrQase,in correBponding 
proportions, the demand for sugar ; thereby fostering a valuable prodnction 
ofsomeof ourown States. Themore widely, also, the habit of their use can 
be extended, the greater, it is believed, would be the prospect of seeing lessened 
the consumption ofardent spirits, so baneful in their effects upon the industry, 
the health, and the morals of the community. Under these views alone, re- 
garding their connexion with the public prosperity and individual happiness, 
any temporary or partial loss to the revenue that might result from an adop- 
tion of this last recommendation, ought to be considered as compensated. It 
is not, however, certain, that such loss would result from the increased de- 
mand that might be expected to grow up for these articles by a reduction of 
the present impositions upon them. As regards teas, it may be added as aa 
additional motive to the recommendation, that, under the present duties, 
there is reason to apprehend some falling off, ultimately, in our China trade, 
JTom the iate laws and regulations of Britain bearing upcm this imporlaiit 
article of merchandise. 

Theinterestsofa valuable portion of our foreign trade, therefore, and ofour 
shipping, appearlo beat stake, in fixing the duties upon teas of all kinds at 
rates somewhat lower than as at present established. 
All which is respectfuDy submitted. 

RICHARD RUSH. 
Treasury Department, 

December 22, 1825. 



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REPORTS OF THE 



[1826. 



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IBJ SECRETAKY OP THE TREASURY. 

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3,000 00 

17,500 00 

70,977 94 
41,084 01 
7,720 61 
104,461 74 
19,166 00 
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330 REPORTS OP THE 11825. 

E. 

STATEMENT of the monm/s received inlo the Treasury from all other 
sources than customs and public lands, during the year 1824. 

From dividends on stock in the Bank of tfae United States $350,000 GO 

arreara of old direct tax of 1798 - $5,203 60 

uev direct lax - - 998 46 

new interna] revenue 34,663 37 

fees on letters patent - • 6,270 00 

cents coined at the mint - • 16,475 00 
passage moneyof an American seaman 

returned - - - - 10 00 
surplus emoluments of officers of the 

customs . - . . 31,490 56 
interest on balances due by the Bank 

of Elkton to the United States - 2,085 33 
Received under the act to abolish the United 

States trading establishment - - 22,619 20 
Moneys previously advanced on account of 

prisoners of war - - • 3,708 62 
Moneys previously advanced on account of 

military pensions ... 663 00 



122,987 04 

Balances of advances made to the War Department, repaid 
under the 3d section of the act of 1st May, 1820 - 45,481 89 

Loan of five millions of dollars at four and a half per cent., 
to provide for the awards under the Spanish treaty ■ 6,000,000 OO 

$5,618,468 93 



Tebaswry Department, 

Register's Office, December 8, 1826. 

JOSEPH NOURSE, Register. 



tizedoy Google 



B23.) SECRETAKY OP THE TREASURY. 33l 

F. 

STATEMENT of the expenditures of the United States for the year 



CIVIL, MISCELLANEOUS, AND CIPLOHATIC, TIZ : 

^j^slotore .... $603,738 39 

Sxecutive department - - - 473,370 46 

Officers of the mint - - ■ 9,310 00 

Surveying department - - - 12,272 30 

iiktmmissioner of the Public Bnildiogs - 1,500 00 
jiovemments in the TerritoTies of the Uoited 

States .... - 26,632 79 




Fudiciary - . - . . 209,442 30 

Vnnuities and grants ... 

Hint establishment ... 

Jnclaimed merchandise 
[jight-house establisbmeDt ... 
Jurveya of public lands 
Registers and receivers of land offices 
^undary lines between Missouri and At< 
kansas - - . . - 

liand claims in Florida Territory - 
ijand claims in 3t. Helena land district 
lepairinjg the road from Cumberland to Ohio 
itoads within the Indian territory, from Nash- 
ville to New Orieans ... 
loads wittiin the State of Indiana - 
loads, canals, &c.witbintheStateof Alabama 
Floads and canals within the State of Missouri 
Payment to Ohio of the nett proceeds of land 
sold under the 3d section of die act of 28th 
of February, 1823 
tifarine hospital establishment 
Public buildings in Washington 
Accommodation of the President's household 
Payment of balances due to officers of old in- 
ternal revenue and direct tax - 
Payment of balances to collectors of new in- 
ternal revenue .... 
Payment of certain certificates 
Vliscellaneous expenses ... 

Diplomatic department - - - 108,898 47 
Missions to the independent nations on the 

American continent - - S8,669 72 

ITontingent expenses of foreign intercourse - 80,145 73 

flelief and protection of American seamen - 38,056 96 

Treaty with Spain .... 16,946 17 

Treaty of Ghent, (6th and 7th articles) - 14,136 44 

Treaty of Ghent, (Ut article) . ■ 12,327 78 



#1,336,266 24 



10,206 41 

34,986 77 

110,370 53 

839 24 

657 47 



— 678,942 74 



tizedoy Google 



332 REPORTS OP THE 

Treaties with Medilerraneao powera - $10,650 00 

Claims on Spain ■ - ... 4,891,368 56 



35,140,099 Sv 



MILITARY DEPARTMENT, viz: 

Pay of Ihe army - . - $1,093,868 08 

Subsistence .... 265,500 81 

Forage 34,177 ig 

Purchasing department . - - 148,738 07 

Medical and hospital departmeol - - 23,674 19 

Contingent expenses - - . 13,695 56 

Ordnance - - - . . 50,514 09 

Quartermaster's department - - 293,154 72 

Repairs and contingencies of foiiifications - 16,283 47 

Fort Monroe ~" — " 
Fort Calhoun 



Fort Washington - 

Fort Delaware 

Fort at Mobile Point 

Fort at the Rigolels 

Fort Jackson 

Fort at Brenton'3 Point 

Fort at New Utrecht Point 



95.629 86 
89,702 09 

9,275 14 
11,500 00 

84.630 99 
1M,000 00 

69,069 17 
39,500 00 
16,510 00 



Repairs of Plymouth beach . . 20,000 00 

Harbor of Presqiie Isle . - . 3,000 00 

Improving Ohio and Mississippi rivers, &,c. 3,003 84 

Surveys, &c. of roads and canals - - 19,344 60 

Relief of officers, ice, of Seminole campaign 11,835 82 

Military Academy, West Point - - 15,438 39 

Medals for officers . . .- . 8,215 00 

Arrearages - - . . . 17,331 62 

Balances due to certain States . - 6,610 27 

Bounties and premiums ... 26,286 10 

Gratuities ----- 12,400 04 

Expenses of recruitiDg - . . 8,279 65 

Armories ..... 386,357 38 

Arsenals ..... 2,538 92 

Arming and equipping the militia . . 171,156 43 

National armory, western waters - - 3,117 00 

Purchase of Gridtey's farm . - . 10,000 00 

Purchase of woollens for 1825 - - 20,000 00 

Ransom of American captives . - 767 75 

Maps, plans, dtc, War Office - . 647 56 

Road from Plattsburg to Sacketfs Harbor - T^SSfTOO 

Road from Ohio to Detroit - - . 1,337 55 

Road from Pensacola to St. Augustine . lfi,UQQJJfr ,<\%i 

Relief of sundry individuals - . 134^74581 

Invalid and half-pay pensions - - 231,726 18 
Revolutionary pensions . . -1,267,600 41 
Purchase and reservation of Indian lands in 

GeoTgitL 26,026 70 



tizedoy Google 



SECRETARY OF THE TREASURY. 



1825.] 

Purchase of Q,iiapaw lands 

Treaty with the Choctaws 

Treaty with the Creeks 

Treaty with the Florida Indians 

Military escort, Florida Indians 

CivilizHtion of Indians 

Pay of Indian agents 

Pay of sub-ag;ents - 

Presents - 

Contingencies, Indian department 

Indian annuities • 

Treaties with Indians beyond the Mississippi 



$7,000 00 

938 37 

23,000 00 

23,657 50 

9,600 00 
13,641 81 
22,874 24 
10,548 32 
14,412 45 
98,743 88 
177,350 31 

3,094 99 



From which deduct the following repayments: 
Fortifications - - f4,6t>7 30 

Fort opposite Fort St. Philip - ] 68 00 
Cannon, shot, shells, &.c. - 200 00 

Treaties with Indians, act 20th 

April, 181S - - - 599 67 



NAVAL DEPARTMENT, VIZ 

Pay of the navy afloat 

Pay of the navy shore stations 

Provisions 

Medicines 

Repairs of vessels - 

Ordnance and ordnance stores 

Navy yards, &c. - 

Contingent expenses prior to 1824 

Contingent expenses for 1824 

Contingent expenses not enumerated 

Gradual increase - 

Inclined plane docks, &c. - 

Ship-houses 

Suppression of piracy 

Prohibition of the slave-trade 

Survey of the coast of Florida 

Survey of Charleston harbor 

Rewarding officers and crews of two gigs, 

under the command of Lieut. Gregory 
Captors of Algerine vessels 
Relief of suni£y individuals 
Pay and subsistence of the marine corps 
Clothing for the marine corps 
Military stores for the marine corps 
Fuel for the marine corps - 
Contingent expenses of the marine corps 
Medicines for the marine corps 
Barracks for the marine corps 



5,634 97 
55,270,254 34 

898,415 50 
223,869 24 
312,404 56 

31,698 47 
404,151 00 

30,156 44 
136,365 01 
102,028 39 
149,889 97 
680 94 
286,977 45 

11,375 81 

15,114 63 

16,401 60 

14,032 5S 
1,412 82 
2,962 37 

3,000 00 
56 59 
23,305 07 
199,061 30 
31,334 83 
3,551 26 
4,669 80 
9,000 00 
2,369 71 
9,631 81 



.„Gooj^lf 



334 REPORTS OF THE [182B. 

From which deduct the following repayments : 
Building barges - - $409 5ti 

Superintendent, artificers, d&c. 11,629 32 
Laborers, and fuel for engines 6,320 16 
Rewarding officers and crew 
of frigate ConsUWtioa - 66 63 

$18,325 58 



PCBLIC DEBT, viz: 

Interest, &c. domestic debt - - 5,301,104 19 

Redemption of 7 per cent. 

stock of 1815 : for principal 8^598,309 35 
Premium - - • 49,302 19 

8,647,611 54 

Redamption of exchanged 6 per cent stock 

of 1812 .... 2,612,435 69 

Reimbursement of Mississippi stock • 7,242 34 



16,668,393 76 



Treasurt Department, 

Rtgiater'a Office, December 8, 1825. 

JOSEPH NOURSE, Register. 



tizedoy Google 



SEORETAKY OP THE TREASURY. 






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IfeS.) SECRETARY OF THE TREASURY. 337 

a 

STATE l^E NT of moneys received viio the Treasunf,/rom alt mttrees 
ttherlkan customs andpublk lands,from the Xst January to the 3tUA 
StftetiAer, XH'26. 

Prom dividends on stock in the Bank of the United Stales $387,500 00 

balances of advances made in War I>epartment, r^ 
paid under the 3d section of the act of die Xst May, 
1820 - - . ■ . ■ . . 41,758 60 

arrears of new internal revenue - 922,634 84 

new direct tax - - 2,009 98 

fees on letters patent - -' ■ 6,690 00 

cents coined at the mint - 12,726 25 

postage of letters - . . 469 56 

consular receipts under the 2d section 
of the act of the 14th of April, 1792 2,292 10 

surplus emolaments of officers of the 
customs . - - - 25,496 52 

money received under the act to abolish 
the United States trading establish- 
ments with the Indians - - 9,698 57 

fines, penalties, and forfeitures 3)296 06 

salesofpubliclotsin the city of Wash- 
ington .... 1,672 38 

Qeit proceedsof vesselscondemned un- 
der the acts prohibiting the slave 
trade .... ^473 57 

trespass on Indian lauds - 48 00 

nett proceeds of vessels, &c. caftlured of 
the pirates - - - - SM 13 

moneys previously advanced on ac- 
count of the second census - 71 48 

moneys previously advanced on ac- 
count of ascertaining land titles in 
Louisiana - - - - 500 00 

moneys previously advanced on ac- 
count of annu ity to Christian Indians 
on the river Thames - - 1,474 98 

interest on balances doe from the 
banks of Wilmington and Brandy- 
wine to the United Statea - - 4,937 42 

tent oftheaaral hospital &rai, Chelsea 267 A5 



loan of five millions, at 4} per cent, 
per act of a6th May, 1824 - 



85,508,144 89 



TtlASUHT DeP&BTHBNT, ' 

Segister'a (Mce, DecmtberS, 1825. 

JOSEPH NOORSE; ItegUter. 

voi„ 11.— ae 



tizedoy Google 



REPORTS OP THE 



[1825 



STATEMENT of the expenditures of the United S.ates,fra. 
of January to the ZQUi SepUmber, Lb35. 

CIVIL, MISCELLANEOUS, AND DIPLOMATIC. 



Legislature . . - . 

Executive departments . - - 

Officers of ihe mint 
Commissioner of tbe Public Buildings 
Surveying department 

Governments in the Territories of the United 

Slatei . - . - - 

Judiciary - - - - . - 

Annuities nnd grants , _ . 

Mint establishment • . - - 

Unclaimed morchandise ... 
Light-house esinblishment - - - 

Surveys of public lands . . - 

Grant to General Lafayette - 
Refristers and receivers of land offices 
Western boundary line of Arkansas Territory 
Boundary line between Missouri and Arkansas 
Preservation of the public archives in Florida 
Land claims m Florida Territory 
Land claims in St. Helena land district 
Roads within the Slate of Indiana 
Roads within the Slate of Ohio 
Roads, canals, &c., within the Slate of Aiabaina 
Roads and canals within the State of Missouri 
Roads and canals within the State of Mis^s.''i|>pi 
Enconrngement of learning within the State of 
Illinois ..... 
Repaymfint for lands erroneously sold by the 
United States .... 

Purchase of lands reserved to certain Creek In- 
dians ..... 
Marine hospitiil establishment 
Public buildings, Washington 
Accommodation of tlie President's household - 
Bringing the votes o( President and Vice Presi- 
dent of the United States - 
Payment el' claims for properly lost. &.c. 
Stock in the Chesapeake and Delawaid Canal 

Ccfmpuiy - - - 

Payment of balances to officers of old internal 

revenue and direct tax - 
Payment ol'baiancc^s to collectors of new inter- 
nal revenue . . . - 
Payment of certain certificates 
Miscellaneous expenass ... 
Consular ruceipis, under the act of 14th April, 
1792 - - - . - 



J316.367 08 

369,767 44 

7,2IK) 00 

1,125 m 

17,551 82 

27,596 71 
153,942 55 

1,300 00 

14,651 64 

343 30 

115,868 88 

125,456 33 

200,000 00 

1,125 00 

2,000 00 

1,501) 00 

375 00 

6,682 69 

3,260 00 

10,79S 09 

9,197 27 

10,753 66 

1.256 44 

16,780 26 

5,702 06 

1,635 93 



$893,660 60 



80O 00 
39,118 34 
62,0I« 00 
14,000 00 


6,169 60 
125 00 


192,600 00 


2,184 64 


1,783 46 

83 01 

71,670 84 


2,892 10 

1 . GCHK^I 



iaa&] 



SECRETARY OF THE TREASURY. 



Diptoraatic department 

CoDtitigeDt expenses of foreign Jntercnurso 

Belief and protection of Ainericiiii sean 

Treaty of Gheni (6ih and 7th articles) 

Treaty of Gheat (1st article) 

Treaty with Spaiu 

Clkiius on Spain • 

I^yrueiits of claims uador the 9th article of 

treaty with Spain 
Treaty- withMediterraneau powers 
Piize causes 



$127,017 29 
;i5,2^4 95 
2^,567 20 
12,583 13 
8,0Ul) 00 
1,125 00 
66,335 02 

16,270 87 
3,6U8 67 
2,tlOO 00 



$1,204,974 66 



MILITARY ETJtBLISHMBNT, TIZ 

Pay of the army . - . - 

Si^istence - . . . 

For^e - . . - 

CothiDg .... 

Parchase of woollens, for 1826 
Medical and hospital dqiaitment - 
CootiDgencies 

Oiduance .... 

Qaartermnster's department 
Repairs and contingencies of fortifications - 
Fort Monroe .... 

Fort Calboun .... 

Port Washington - . - - 

Fort Delaware - - . . 

Fort at Mobile Point 

Port at the Rigolels .... 
Fort Jackson - . - . 

Fort at Brenioii's Point ... 
Port at New Utrecht Point - 
Port at B'saufort .... 
Fort at Cape Fear .... 
Armament of new fortifications 
Plymouth bench, repairs of 
Uartwr of Presqiie Isle 
loprovinff Ohio and Mississippi rirers 
Surveys, ice., of ro^ids and ciitials - 
Relief of officers, ic-c, of Seminole campaign 
Military Academy, West Point 
Anenroges ... 

Boaoiies and premiums 
Expenses of rccniitlng 
Armories - - - 

Ar».-nals - - - - 

Preaemtton of islands in Bos'nn harbor 
Arminr and equipping the militia - 
Na ioialar iinry, wesiern waters - 
lUnsoni of American cspfivrs 
lotun the Schuylki I 



710,379 16 

371,326 69 

28,289 31 

184,737 06 

211,000 00 

211,041 H7 

16,714 18 

41,065 27 

233,157 25 

4,155 31 

86,112.-, 58 

57,<]l)il <l() 

207 35 

36,511 i 11 

107,(H)8 67 

8l»,IHK) UO 

80,940 83 

44,134 60 

40,366 76 

400 00 

5,001 » 00 

100 00 

5,713 (10 

10.371 37 

3,722 59 

3S.78l> 21 

2.6') I 61 

9,066 40 

3^*14 47 

13,450 63 

6.^75 z:i 

2rt' *•»" -'i 

17,430 72 

1..,. ■> ,rf 

133,724 91 

2,479 ttS 

610 00 

3,01 K) 00 



.„Gooj^lf 



9W 



REPORTS OF THE 



Interest due to the State of Tirgicia 

Payment of claims for property lost, Sec. 

Cannon, shot, shells, &c. - 

Continuation of the Cumberland road 

Road from Ohio to Detroit 

Road from Cape Sable to Suwanney 

Road from Detroit to Chicago 

Road from Memphis lo LitlTe Rock 

Road from St. Aus;ustine to Pensacoia 

Road from Colerain to Tampa 

Road from Missouri to New Mexico 

Belief of sundry individuals 

Revolutionary pensions 

Compensation to citizens of Georgia 

Claims against the Osages - 

Choctaw claims . . . ■ 

Treaty with Choctaws 

Expenses of Choctaw treaty 

Treaty with the Sioux, Chippewas, &.c. 

Treaty with the Florida Indians - 

Military e&cort to Florida Indians - 

Treaties with Indians beyond the Mississippi 

Treaty with the Creeks 

Civilization of Indians 

Pay of Indian agents 

Pay of sub-agents - - - - 

Presents to Indians 

Contingencies, Indian department - 

Annuities to Indians 



From which deduct the followiu 

ments: 
Fortifications - - • $14,600 00 

Invalid and half-pay pensions 70,351 70 
Gr^uities - - ■ 206 37 

Purchase of Q,uapaw lands - 226 09 

Fort opposite Fort St. Philip - 487 64 



$178,480 11 

40 00 

62 20 

13,850 00 

6,266 00 

2,073 15 

3,000 00 

1,880 00 

809 60 

6,000 00 

15,000 00 

140,144 63 

1,307,261 12 

23,000 OO 

8,748 CO 

16,972 60 

3,748 72 

9,723 44 

6,400 00 

36,425 67 

600 OO 

3,216 21 

225,863 12 

- 11,215 91 

- 26,254 12 

- 12,104 15 
■ 16,963 18 

- 82,0<I6 86 

- 201:278 98 

4,976,081 39 



NAVAL ESTABLISHMEirr. 

Pay of the navy afloat 

Pay of the shore stations - 

Provisions - - - - 

Medicines • . . - 

Repairs of vessels - 

Navy yards, docki^ ymi 'vritarves - 

Navy yard, Portsmouth 

Navy yard. New York 

Navy yard, Philadelphia • 

Navy yard, WashingtoD - 

Navyyard, Noifirik 



611,913 27 

219,801 93 

274,487 96 

36,683 73 

249,720 71 

21,064 58 

1,145 08 

26,314 03 

7,509 04 

8,809 29 

.12.398 44 



zee .y Google 



i825.} SECRETARY OP TKE TREASURY. 

NaT^ryard, Charlestoa - - - 914,111 90 

CoDtiagent expenses prior to 1824 - 311 9S 

Goodagmt expenses for 1624 - - 45,106 14 

Coodugcnt expenses not enumersMd, 1824 1,767 21 

Coodngent expenses for 1826 - - 193,632 94 

Cod tin^at expenses not enumerated, 182S 713 74 

Grtdod iacrease of the nary • - 244,409 02 

IncKned plane docks, dec. • - 3,716 60 

Sfaip^ouses . - - . 2,674 74 

Snf^ression of piracy ... 6,374 90 

Prohibition of the slave trade - 8,838 6g 

Surrey of the coast of Florida • - 73 61 

Surrey of Charleston and St. Mary's - 1,894 28 

(hptors of AlG;erine vessels ~ - 161 B3 

leiief of sundry individuals - - 12,917 CO 

Bnildiog ten sloops of war - - 78,594 23 

Pay Bad subsistence of marine corps - 118,492 74 

Clathiiig for marine corps • - • 19,382 76 

ledicines for marine corps - - 1,266 49 

Xilitary stores for marine corps - - 1 ,313 78 

Foel for marine corps ... 6fi68 68 

Ccntuigent expenses of marine corps - 7,731 93 

Ancarages of ctmtlngent expenses - 4,683 78 



?nm which deduct the £Hlowing repay- 

ments: 

OtdnaHce and ordnance stores $7,624 26 

Kepftirs pf sloops of war - 1,503 97 

Saperiotendents, artificers, &c. 4,883 72 

Unnrs, «nd fad for engines 2^90 33 
nnk bnrat at (he navy yard, 

Waabingtsn 31 06 



2,143,588 70 



16^2 33 



98,127,166 37 



POBtic DEBT, viz: 
Interest on the funded debt ■ - 3,347,923 92 

ftedetnption of 7 per ) principal 2,113 92 
cent, stock of 1815, i, premium 11 68 



2,125 60 



KedetBption of exchanged 6. per eant. stock 

of 1812 .... oo,oov ow 

KedemptiooofTreasury note 6 per ct. stock 1,479,374 62 

Redemption of 6 per ceat stock of 1813 - 6,167,006 84 

Beimbursemeirt of Mississippi stock - 1,524 02 

Prinoipol and interest of Treasury notes - 493 29 

•^ ^ 11,074,987 79 

$20,190.979 91 

INtaASURT Dbparthbht, 

Begiater'a Office, December 8, 1826. 

JOSEPH NOURSE, -Bs^*;; i 



KEPORTS OF THE 



[1825. 



STATEMENT of the deb: of the United Stales, 1st October, 1824. 



Three per cent, stock 



813,296,231 45 



Exchanged six per cent, slock of 1812 21668,974 99 

Six per cent stock of 1812 

Six per cent, stock of 1813, (16 millions) 

Six per cent, stock of 1813, (7^ millions) 

Six per cent, stcck of 1814 

Six per cent sleek of 1815 

Treasury note six per cent, stock 

Treasury note seven per cent, stock 

Five per cent stock, (subscription to 
Bank of the United Stales) - 

Five per cent stock of 1820 - 

Five per cent stock of 1621 - 

Exchanged five per cent of 1822 

Four and a half per cent stock, (Flori- 
da loan) - . . - 



6,187,006 84 
15,497,818 63 
6,813,845 44 
13,096,542 90 
9,490,099 10 
1,479,374 82 
4,477,026 17 

7,000,000 00 

999,999 13 

4,735,2% 30 

56,704 77 

6,000,000 00 



$15,965,206 44 



74,832,714 l( 

g9Q.797,920 GA 

Treabdry Department, 

lUffister'a Office, December 8, 1826. 

JOSEPH NOURSE, Register. 

Note. — The amount of (he debt on the 1st of October, 1824, as pei 
statement No. 3, which accompanied the report of the Secretary of thi 
Treasury, of the 31st Decftmber, 1824, was - - ^,697,07154 

Add this snm, ascertained to have been issued 
on account of the loan of 825,000,000, per 
act of Che 24th March, 1614, more tiian the 
Slim which has heretofore been stated as the 
amount of the said loan, nnd for which the 
commissioners of loans have not made such 
returns aa to enable the First Auditor to re- 
port thereon - - . . -$95,105 27 
Also, for a variation ia the amounts of Treasu- 
ry note six per cent, and seven per cent 
stocks, issued i^ior lo the forming the said 
statement, but subsequently entered on the 
Treasury books - - . . 5,743 73 ' 



100,849 OC 
$90,797,920 54 



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ISSK] 



SECRKTARY OF THE TREASURY. 
No. 2. 



STATEMENT of the debt of the United Stales, 1st January, 1836. 



&iperceiit. stock of IBia 

Super ceni. stocked iS13(I6 mUlioas) 

^ per ceDl. slock of im3 (7| millions) 

Ju: per ceu. stock ol' 1AI4 

Siper cent. Htnck ul' 1815 

Trcunry nore six per cent, slock 

Tmnuy noir s 'vcn per ccDi. sLock 

fin pel cenl. siocM (subKriplion lo Back of Ibe TToiled 

teiet) .... 
Fm per cent. kIocV of 1890 
Fin per cenl. Slock of Itm 
btMoged five per ccdI. stock o( lS-23 
Fovind B half per cenl, slock, pel act of the 34th May, 

iai(Florid&loaii) ■ 
bctiiweil four and b half p«r cenl. stock, per act 

mk&j, 1824 



(t,IS7,006 84 
1-J,103,orit 6G 

&,4S'2,881 4G 
l3,09li,fAi 90 

9,490,099 10 

l,47lt,a';4 8J 
U,113 92 

7,000,000 00 

999,999 13 

4,T35,Se6 30 

56,704 77 

5,000,000 00 

4,4H,737 95 



TsEAsiTRr Dep^etment, 

Jitghtei 's Office, December 8, 1886. 

JOSEPH NOUESE, Register. 



ti^edoy Google 



IffiPORTS OP THE 



STA TEMBNT of the debt of the United Stataa, lat October, 1826. 

lliTee per cent, stock . . . - . S13,9M,9BI tt 

SiipercencsIoekoflSISOaBiioflGiiiillions) • - <19,49e,051 66 

6iiper<;ent.MockofIS13(loanof7lmiIlioiis) - - t5,433,384 46 

Sizpercenl.stocboTISM - • • 13,096,542 90 

Six per cenl. stock uf IgIB ' . - - 9,490,099 10 

Fire per ceui. slock (subscription to Bank United Suts) - 7,000,000 00 

Fire per cent, sloek onsao - ... - 999,99913 

Fi»e per cent. Slock of 1821 - - - 4,135,396 30 

Eichuiged fire per cent, slock of 1^23 - - 66, KM 77 
Foot and ft half per ceoL slock, per act of Mar 34, 1894, 

(Florida loan) .... 6,OW,0W M 
Exchanged foar and a half per cent stock, per act of Ma* 

S8,1W4 - - - - - 4,464,787 96 

Fnndedroaraiid • half pet cenL stock, permct of May 34, 1624 6,000,000 00 

67,fl»,s86 ar 



Amoani oT the debt oi 

Add eidmaeed H per a. , 

lien of six per cent, stocks of 1813 ... i>«n, imi kt 

95,358,646 49 
Dedaci stock paid off in Ihefoorlfa quarter of lB34,Tiz: 
Seren per cent, slock .... «4,474,9t9 31 
And exchanged six per cent stock of ItlS ' • 9,613,435 69 

7,067,347 94 
And .-iii per cent sloclcs of 1813, surrendered for exchanged 

41 per cent, stock, riz ; 
Of the loan of 16 milliona - 83,094,766 97 

OftheloanofTlmiUions - 1,359,96098 

4,464,797 95 

11,54S,07S 89 



per Mt of acih May, 1831 5,000,000 00 

88,710,573 60 

S~ rcent 83,113 93 

iQged 6 per ct 56,539 30 

Onihe 1st Xpril, the whole of the Treasury noie 6 per cent 1,479,374 83 
Onihel5tOctober,lhewholeoftbe6percentofiei9 - 6,187,006 B4 

. 7,786.084 SS 

Amooni of the debt on ihe 1st October, 1835, as abore stated - 80,986,537 73 

Treasury Departhekt, 

Hsgister'a OMct, Deeemher 8, 1826. 

JOSEPH NOURSE, Register. 



at of 6 per cent of 18IS, TombiiimUe ia II 



tizedoy Google 



lOKJ SBCRETAEY OP THE TBEASURY. »» 

No. 4 

ESTIMATED AMOUNT of TVeaauty notes outstanding on the 1st 
October, 1824. 

Total amount issofid [as per slatemeDt No. 4 of the last 

report) .. / . . - - $36,680^94 00 

Cmcelled «ud reported oa by the First Auditor - - 36,664,194 00 

Outstanding ...... $16,600 M 

CoQsisting of small Treaaiij; agtes - $3,370 00 
Notes bearing interest - 14,230 00 

816,600 00 

TaBASDRT Depabthent, 

Register's Office, December 8, 1826. 

JOSEPH NOURSE, Register. 



STATEMENT of Ike stock issued under the act of Congress, entitled 
" An act aupplementary to the act for the indemnification of certain 
dmmanls of public lands in the Mississippi Territory" passed the 
3d March, 1S16. 

Amount of claims awarded per statement No. 6 of last 
year $4,282,1S1 13^ 

Whereof there was paid in for lands, per said report - 92,447,535 39 
P&yments at (he Treasury to the 36th 

September, 1824 - - - «1,820,599 20 

Payments from October 1, 1824, to Sep- 

■ ■ ■ 30, 1825 - - - 6,166 36 



BaUnce outstanding October 1, 1826, consisting of— 
Certificates outstanding - • 9^)806 57 

Awards notapi^ied for - - 44 60^ 



1,826,765 56 

7,860 171 
4,282,151 12^ 



Trbasvrt Department, 

Register's Office, December 8, 1826. 

JOSEPH NOURSE, Regi$ter. 



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BEPORTS OF THE [182& 



Treasort DePARTH£KT, 

March 15, 1826. 
Sir : I have the honor to transmit, herewith, statements marked B and 
G, referred to in the annual report from this department, dated the 22d of 
December, 1826. 

T have the honor to be, 

With (he highest respect, 

Your most obedient servant, 

RICHARD RUSH. 
The Hon. the Presidekt of the Senate. 



tizedoy Google 



15.] 



SECRETARY OF THE TREASURY. 
R 



iSTA TEMENT txhibiting the value and qvantiiies, rcsprctiveljf, of 
merchandise on which duties aclutUlt/ accrued during the year 1824; 
[consisting of the difference btlweeii articles paying duly, imported, 
and those entitled to drawback, re-eTported ;) and, also, t>f the nett reve- 
nue which accrued that year from duties o}i merchandise, to/mage, 
passports, and clearances. 



9119 ,&2G 














do. 


0,670,538 








90 


do. 


.7,024.335 


95 


do. 






do. 








33,298 


40 


do. 


167,627 


SO 
33 


do. 


11,559 334 


do. Brerage - 









4,356,083 75 

1,747,138 00 

576 45 

13,319 ao 



AsncLH MTwa i 

Wines, 1,527,978 gallons, U30.5ceiiis,krerage 

Spirits, 5, Qd5, 047 gallons, st44.4cenl8,aTei«ge 
Molasses, 13,871,435 gallons, U S.Ocents 
Teas, 7,107,677 pounds, atSS.S ceiils,a*erage 

Coffee, 90,368,450 pooDds, al 5.0ccDts 
Su^u, 78,486,658 ponods, ai30.7ceai3,average 
Sh1(, 3,093,093 bosheU, at 30.0 cents 

All oiher anicles - , - 



466,604 45 
8,348,074 56 

643,571 35 
3,368,306 15 
1,018,43d ba 
3,40i),688 II 

618,410 40 
1,839,506 7D 



ledocl dntioE reronded, after dei-iiCtinK thereliom dnliea on iiKrcbandi«e, 
the particulars or whict ware not ^cified byUie colloctots, and diSer- 
enee in calcnlation ..-----. 



Ldd 2| per cent. letaiaed on drawback • - $139,678 68 

disconnt retained on re-exporiatians - - - 933 56 

discriminatiTig duly on French vessels - ■ ■ 338 Oi 

extra duty on merchandise imported in foieign vessels 31,593 35 

interest on castom-hoose bonds - - - • 26,844 08 

Storage received ..--.- 3,80* 54 



Duies on merchandise 



'awports and cleaiances 



Expenses of collect im 



11,701,596 IS 
30,847,678 0& 



31,139,336 37 
1,973 48 



.„Gooj^lf 



REPORTS OF THE 

Explanatory iStattmenta and Notes. 



[1835. 



, 1. Wmet- 
Madeira 
Cbampa^e, dec. 
Sberrj ai>d 3i. Lucar, Ac 
IJxbon, OporU), Ac. 
TeneriiSe, Fayal, &c. 
CtoreL Ac, id bottles 



4lh do. 

5lb do. 

Oth«T, Sd do. 



Bohn 

Souchong ■ 

Hjrsoo slcin 

Hjson and joajtg bjaoa 

Imperial 



4. Sogan— 
Brown, &c. 
WbiU, claf e4, ftc. 



109,861 gallons, at 100 et 
4,853 galloDS, at 100 M 
11,794 nlloos, at 60 c( 

966,780 giJloos, at 60ct 
136,80-2 gallons, at 40 cc 

46,806 gallr •" - 

95t,083gait< 



1,537,978 gttllom, at 30.5cts.,aTerage 



W, 137 gallons, at 43ceiit« 

W,85!>gaJlons, at 45ceitu 

n,S78gBlloiis,Bl 48cenM 

5,987 gallons, « Sacenis 

809 gallons, al 60ceDU 

74,139 gallons, at 38cenU 

:9,%4 gallon)', al 49 cents 

S , 893 galbns, et 48 ccals 

11,305 galtoas.et STcenn 



5,385 ,047 galltms, at 44.4 cts., average 

4ft,lU pounds, «l IScsnta 

1,908,134 pounds, at 35 cents 

1,776,^6 pounds, at 9Beeuts 

3,093,710 pounds, at 40eents 

357,373ponDds, at aOcenis 

7,107,677 



7,107,677 pounds, at 33. 3cls. avenge 





78,486,65ep 


. Bait— 




. Imported, , bushels 




' Exported, do. 


61,435 






reduced into bushels, at 




aocents - 


I,0n,3M 



3,099,0U, at «D cents 



S109,861 00 
4,858 00 
7,076 40 
133,390 00 
54,750 80 
14,011 80 
143,663 45 



g466,6W 45 



344,45134 

40,884 75 

37,093 44 

3,113 34 

485 40 

356,169 09 

495,990 89 

1,164,140 64 

6,443 85 

S3,348,074 56 



S,053 68 

477.031 00 

497,379 0) 

l,309,4B4 00 

l7H,t»6 50 



3,367,634 86 



83,40 8, 688 11 
815,568 30 



tizedoy Google 



B.) SECRETARY OP THE TREASURY. 

JSirplanatonf SlstemenU and Notes — Continued. 









Rate 




6. All oiber articles. 




auaniit;. 


of 
duty. 


Duties. 








Cents. 




Di* Holland 


pieces 


369 


250 


8929 50 


CirpeUng, Bnnseis 


yards 


29,313 


50 


14,656 00 


Venetian 


do. 


330,064 


95 


57,513 50 


other ■ 


do. 


711 


SO 


149 90 


CMtoD bagging 


do. 


9,157,337 


3t 


80,900 13 


TiBegar . - - . 


gaUona 


7,663 


8 


613 04 


iai, ale, and porter, in botlles 


do. 


40,800 


15 


6,190 00 


in boules 


do. 


39,493 


90 


5,696 60 


in casks 


do. 


1,606 


10 


160 60 


incashs 


do. 


3,697 


15 


584 55 


Oil,oliTe, incasks ■ 


do. 


49,a83 


25 


12,320 75 


•hale, and oUier flsh 


do. 


431 


15 


64 65 


castor 


do. 


116 


40 


46 40 


liiueed 


do. 


14,440 


95 


3,6t0 00 


Oxtm - ... 


pounds 


8»8,a73 


2 


17,971 46 


Ctoeolaie 


do. 


1,014 


3 


30 43 


•n»colate 


do. 


705 


4 


88 30 


S^r, candy 


do. 


723 


19 


86 76 


loaf 


do. 


311 


19 


37 3* 


Mher, refined and lamp 


do. 


151 


10 


15 10 


il-cmds ' - / . 


do. 


540,308 


3 


16,209 (i6 


Currants 


do. 


133,617 


3 


4,006 51 


Praaes and plams - 


do. 


29,503 


3 


8% 09 


fnaa and plojni - 


do. 


153,350 




6,134 00 


Piffl - - 


do. 


548,218 




16,446 54 


lisiBs, Mojcalel, Su-. 


do. 


646,023 




19,380 69 


Mnscalel, &c. 


do. 


S31,290 




37,351 60 


other 


do. 


1,134.110 




99,682 90 


other 


do. 


973,188 




29,165 64 


CmdOes, talloT - 


do. 


8,815 




264 45 


tallow 


do. 


13,586 




679 30 


a«9e .... 


do. 


29,628 




9,666 59 


^::-.-. 


do. 

do. 


184,958 
671,433 




7,398 38 
6,714 33 


BMfmdpork 

Huns and other bacon 


do- 


787 




15 74 


do. 


17,535 




919 45 


Bn»r . 


do. 


2.514 




135 70 


Sillpelre. refined ■ 
VnTol,oilof 


do. 


61.517 






do. 


46,097 






Caapttor, erode - 


do. 


49,677 






"-"iCS, : : : 


do. 

do. 


159,409 
186 






Bpcas— Cayenne pepper 


do. 


107 






ginger 


do. 


1,414 








do. 


7,139 


100 




nutmeg* - 


do. 


39,496 






cloves 


do. 


8,790 






pepper, black 


Uo. 


1,473,403 






pimento - 


do. 


1,094,851 






^ma ■ 


do. 


279^160 








do. 


£39 






haC '- 


do. 


5,212 






Ui^ .... 


do. 


37fi.3a3 






Coaoa .... 


do. 


517,681 








do. 


49.035 




3,999 80 


Bn.&» .... 


do. 


n«,8i3 




6,996 39 


Gliw - 


do. 


48^ 




9,417 95 


Pfciai»-o<:hTe,dTj - 


do. 


501,578 




5,015 76 


in oil 


do. 


17,660 


U 


36175 



t,i.a,Google 



REf ORTS OP THE 

ExpUmaiory StatemetUa and Ntaes—Xjoatinued. 









Rale 




6. All other articles. 




aoanlUy. 


of 

duty. 


Dniies. 








Ctnl). 




pkinls, white aod red lead - 


pounds 


3,1W,603 


3 


S65,83H 09 


while and red lead - 


do. 


1,509,045 


4 


60,361 80 


whiiiug - - ■ - 


do. 


290,02S 


1 


2,900 M 


Lead, bar, sheel, and pig - 
bar, sheet, ana pig - 


do. 


1,137,909 


1 


11,378 oa 


do. 


1,330,623 


2 


26,613 64 


shot 


do. 


a»,59ti 


2 


6,731 93 


shot 


do. 


Ta,007 


31 


2,765 35 


CtdJles, tarred 
Cordage, "f™.- 


do. 
do. 
do. 


63,1*U 

447,544 

1,046 


4 
4 
4 


2. 725 GO 

17,901 76 

41 B4 




do. 


38,335 


5 


1,416 75 


Twine, paclitiiread, 4c. 


do. 


34,499 


4 


1,379 96 


Twine, packihitad, 4c. - 
Corks 


do. 
do. 


200,188 
44,1)67 


5 
IS 


10,009 4<l 
5,288 04 


Copper, rods and bolts 


do. 


3,015 


4 


120 66 


nails and ^^pikes - 


do. 


311 


4 


12 44 


Iron m'jijiiets 


No. 


3,499 


150 


3,748 5C 


lilies - - 


do. 


3 


150 


3 OC 


wiie. Dot above No. 18 


pounds 


449,318 


5 


23,465 9( 


above No. 19 ■ 


do. 


279,193 


9 


25,122 51 


tacta, brads, &a not above 16 oz. per lOCK 


M. 


31,463 


5 


1,573 U 


above 16 oz. • 


do. 


3,659 


5 


182 9£ 


nails 


pounds 


247,121 


4 


9,884 W 


nails 


do. 


157,677 


5 


7.8&3 8S 


(pikes 
tpikes 
chain cables - 


do. 




3 


998 41 


do. 


31,379 


4 


1,255 II 


do. 


271,268 


3 


8,138 04 


millsaws 


No. 


1,274 


100 


1,374 0( 




pounds 


107,459 


3 


2.025 Sfl 




do. 


211,753 


3 


4,235 06 


hamraera and sledges - 


do. 


25,625 


21 


&10 6S 




do. 


438, 3B9 


1{ 


6,426 53 


°'^^' Xf* ." ■ 


do. 


404,859 




4,048 59 


romd and brazier's rods 


do. 


10,124 


3 


3ta 7E 


nail rods, Sc. 


do. 


9,639 


3 


288 87 


slit and hoop, &c. 


do. 


1,652,216 


3 


49,566 4b 






0,639 


75 


7,979 25 


^'["I^d hoop 

K?r, rolled - - 


do. 
do. 


2,630 
3,588 


350 
50 


31.550 Oil 
6,S!94 0C 


do. 


59,387 


150 


87,430 5(1 


bammeied 


. do. 


37,979 


75 


38,484 as 


hammered 


do. 


356,350 


90 


320, 6^ (Kl 


Steel 


do. 


19,851 


100 


19,851 OO 


Hemp 


do. 


78,830 


175 


137,952 50 


£■] : : 


do. 


219 


150 


328 50 


do. 


55 


300 


110 00 


Copperas . - 


do. 


7,806 


100 


7.80C 00 




do. 


1,410 


800 


3,830 OO 


Flo^nT('l>»0 ■ 


do. 


418 


50 


309 on 


Coal 


bushels 


390,343 


5 


19,917 10 


Coal 


do. 


423,461 


6 


25,347 66 


Wheat 


do. 


570 


25 


l«a 50 


Oaia 


do. 


SI 


10 


S Id 


Potaloea 


do. 


7,233 


10 


722 30 


pMet.foUo and 4to post - 


FOUDds 


6,710 


26 


1,1^00 


^'foolKap,draWto, 


do. 


109,863 


17 


18,676 71 


do. 
do. 


448 

34,779 


10 
3 


115 R5 
1,0*3 34 


aUother - 


do. 


9,201 


IS 


1,390 15 



t,i.a,Google 



182Si] 



SECRETARY OP THE TREASURY. 

ExpUuuUory Statements and Notes — Continued. 



6. All other snicks. 



Hooks printed i>rerioiui lo 1775 

printed in other langDaees than Eng- 
lish, eicept Latin or Greek - 
LaiJn or Greek, bonnd 

do. in boards 

all other, boimd 
do. in boards 
IStss, cat, and not specified ■ 
other artirtea 

apoi hecaries' rials, not above 4 

do. not abore B 

bottler, not above I quan 

do- do. I do. 

do. do. 2 do. 

do. do. 4 do. 

deiuijohns 

wiiidawr,Dot above 8 by 10 inches 

do. do. 8 by 10 do. 

da. do. 10 by 13 do. 

do. do. 10 1^ li do. 

do. above 10 by IS do. 

do. do. 10 by 13 do 

oncot, in plalcs, &c. 

Feb, dried or smoked ■ 

taimon, pickled - 

mackerel, do. 

mil other, do. 

Shoes sod slippers, silk 

prunella - 
leather, men and women's,&c. 
children's 
Boots and bootees 
Stgara - - - - 

Playing cajds - 






Dack, Rns:.- 

Sheeting, ! rown Russia 
white Riusia 



Deduct eiporiations orer imponalions, viz; 
3, COS pieces, at £00 cents 
7,456 pieces, at 125 cents 
12,375 pieces, at I'M cents 
170 pieces, at 250 cents 
3,270 ponnds, at 6 cenls 
115,131 pounds, el 3 cenia 
Citmamon - - - 6,l65pounds,al S&cenis 

Coidage, tarred, and cables 599,961 ponnds, at Scents 



Carried lo staiemeni B 



37,186 
3,441 
1,5G0 



t5,S04 00 
9,320 00 
19,7»00 
425 00 
136 30 
4,353 63 
I, MI 25 



Trbasurt Department, 

Register's O^ce, March 8, 1826. 

JOSEPH NOURSE, Ite^islv. 



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163 REPORTS OP THE [1886. 

C. 

STATEMENT exhibiting the amount of American and foreign tan- 
nage employed in the foreign trade of the United States during the 
year ending on ike 319/ day of December, 1824. 

American tonnage in foreign trade - ■ - Tons 845,758 

Foreign tonnage in foreign trade - - - 90,666 

Total tonnage employed in the foreign trade of the United States 936,424 

Proportion of foreign tonnage to the whole amount of tonnage 
employed in the foreign trade of the United Slates - - 9.6 to 100 

Treasury Departhekt, 

Register's Office, March 8, 1826. 

JOSEPH NOURSE, Register. 



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1826.] SECRETARY OP THE TREASURY. 



REPORT ON THE FINANCES. 
PECEMBEB, 1836. 



Ib submitting to Congress the annual report required by law, on the 
Soiuices, the Secretary of the Treasury is happy in being nble to represent 
them, for the present year, as in a satisfactory condition. Whilst other 
coantries, and some with which the United States nmintaiti extensive deal- 
ings, hfive beheld great branches of their industry, if not altogether pros- 
trated, interrupttid to an extent productive of a high degree of suffering, the 
Uuited States have experienced within themselves no such calamitous occur- 
Rnc«^ aod have been freed from all other than a slight recoil of the pecu- 
niary evils which liave been seen to press so heavily in other regions. When 
adfBrting to the complicated connexions that bind together the pecuniary 
uierests of commercial States having large exchanges with each other, the 
reaction from abroad has been less felt than might have been expected, and 
lus brought with it no results afflictive to the community, or inauspicious to 
the regular operations of the Government. The public obligations have all 
been punctually fulfilled, without any increase of tne public burdens ; and the 
national revenue, which derives no aid from the existence of direct taxes or 
miemal duties of any kind, but rests upon the customs almost exclusively, 
has been unusually abundant in the sums realized for the year drawing to a 
dose, and promises to be fully adequate to meet every stated head of the 
public expenditure, including the sum annually devoted to the extinguish- 
ment of the debt for the year that is to come. This substantial prosperity is 
theresult of the general industry, fostered by good laws and a just economy 
in the public administration — laws which, by enlarging the home demand fo 
the productions of the soil, have aided in supplying deficiencies in the for- 
eign deoiand, and which, by superadding to exports the results of manufac- 
turing to thnse of agricultural labor, have tended to open new avenues to 
external traffic. This state of the country, in its financial resources and 
concerns for the year, will be seen in the recapitulations that follow. They 
will cotrsist, first, of the amount of moneys paid into the Treasury, in 1826, 
•ltd in the year preceding ; and the expenditures of those two years. Nex^ 
of ibe state of the public debt, and the portions of it that have been paid off; 
which will be seen to exceed the sum regnlarly appropriated by law for thai 
porpose within the year. And lastly, of the e&timates of the public reve- 
nue and expenditure for the year 1837. 

1. OF TBE PUBLIC BEVBNUH AND KXPENDITtlRE OV TUB TB^BB 18B5 
A«D 1886. 

The nett reventie which accrued from duties on imports 
and tonnage during Uie year 1825, amounted' (se6 state- 
■jentAfto - - - -, - - $24,35 8,^02 57 



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354 REPORTS OF THE [162©- 

The actual receipts into the Treasury" from all sources 

during the year 1826 amounted to - - -^26,840,858 02 

Viz. 
Customs (statement A) - $20,098,713 45 

Public lands (statement D) - ■ l,216,uyO 56 

Dividends on stock in the Bank of the 

United States, arrears of internal duties 

and direct taxes, and incidental receipts, 

(statement E) - - - - 482,134 69 

Repayments of advances made in the 

War Department for services or supplies 

prior to the 1st of July, 1815 

Loan of five millions, under the act of 

Congress of the 26lh of May, 1824 

Making, with the balance in the Treasury on the 1st 
of January, 1825, of . - . - - 



An aggregate of $28,787,455 15 

The actual expenditures of the United States, on all ac- 
counts, during the year 1825, amounted (statement P) to 23,685,804 72 
Viz. 

Civil, diplomatic, and miscellaneous - $2,748,544 89 

Military service, including fortifications, 
ordnance, Indian department, revolution- 
ary and military pensions, arming the mi- 
litia, and arrearages prior to the 1st of Jan- 
uary, 1817 . - . - 5,692,831 19 

Naval service, including the gradual in- 
crease of the navy - - - 3,049,083 86 

Public debt . - - - 12,095,344 78 



Leaving a balance in the Treasury on the 1st of Janu- 
ary, 1826; of »5,20 l ,650 43 

The difference, amounting to $82,411 35, between this balance and (hat 
stated in the last annual report from the Treasury, which was $5,284,061 78, 
is owing to the balance last year having been given as an estimate ooly. 
Actual settlement has fixed it at the sum now stated. 

The actual receipts into the Treasury, during the first three quarters o£ 
the year 1826, arc estimated to have amounted to - $19,586,932 60 

Viz. 

Customs - - -$18,031,426 86 

Public lands (stotsmoRt G) - - 1,063,961 29 

Dividends on stock in the Bonk ctf the 
United States ... - 402,500 00 

Arrearsof internal duties and direct tax- 
es, and incidental receipts (statement H) - 86,492 72 

Repayments tit advances made in the 
War Deportment for services or supplies 
prior to lat of July, 1815 - 17,56163 



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ISSaj SECRETARY OP THE TREASURY. 355 

And the actual receipts into the Treasury, during the 
fourth quarter of the year, are esiimated at - . $6,300,000 00 

Making the total estimated receipts into the Treasury dur- 
'Off l>e y«ir 1826 - - . . 25,886,932 50 

And, With the balance m the Treasury, on the 31st of De- 
cember, 1825, of - ... . 5,201,650 43 



^ «ggTegate of - . . . . 31,087,682 93 

iTie expeaditures of the first three quar- 
ters of the year 1S26, are estimated to 
have amounted (statement I) to 818,714 226 66 

Viz. 

Cifil, diplomatic, and mis- 
cellaneous - $2,029,331 56 

Military service, including 
Ibnifications, ordnance, 
Indian department, revo- 
lutionary and military 
Eensions, arming the mi- 
tin, and arrearages prior 
to January 1, ISir . 5,266,980 93 

^iaval service, includingthe 
gradual increase of the 
Ba^y - - - 3,321,332 79 

Pnblic debt - . 8,096,581 39 

And the expendituresofthfifourthquarter m 

are estimated at - - ■ - 6,947,817 30 

Via. 

(Jiril, diplomatic, and mis- 
cellaneous - 9840,000 00 

Military service, inclnding 
fortifications, ordnance, 
IndiaD department, revo- 
bilionary and military 
pepsioDS, amung the mi- 
litia, and arrearages prior 
to January 1, 1817 - i;393,000 00 

Mitral service, iocluding the 
gradual increase of the 
navy • - 900,000 00 

Public debt— 
ReimbuieiDeDt of nrioci- 
pal 92,002,306 71 
Pbyment of 
iotoest . 912,610 59 



■ 2,914,817 3» 



Xaldiig the total estimated expenditure of Uie yeat 1^6 . 34,662,043 96 
Imi toaTing in the Treasury, on the Ist of Janaarv, 1827, ' 

an flttiiDated balance of - . . . $6,435,638 97 

D,gt,zec.yGOOg[e 



356 REPORTS OF THE (1826. 

Should the estimate of receipts for the fourth quarter provf. to be correct, 
the total amount of receipts for the year 1326 wilt have exceeded the total 
estimates preseuted to Congress last year by a f^um approaching four liun- 
dred thousand dollars. 

Of the hnlance of 9f6,425,538 97, stated, by estimate, as that which will 
be in the Treasury on the 1st of Jaauary, 1827, it is proper to remark that 
.it will be subject to the following charges I 1st. The balances of uimpplied 
appropriations, which will remaui to be satisfied after the 1st of Jauuary, 
1827, amouDtJng, by estimate, to $3,425,000 ; 2d. About one million of d(n- 
)ars in funds not at present effective, as particularly explained (^pages 314 and 
315) in the last annual report; 3d. The reservation of $2,000,000 under 
the fourth section of the act of Congress of the 3d of March, 1817, entitled 
" An act to provide for the redemption of the public debt." 

The directions issued last year to the receivers and collectors of the pub- 
lic revenue in all parts of the United Stales not to receive, in any payments 
made to them, bank notes of any of the State banks of a less denomination 
than five dollars, continue in full force, and arc lending their aid in dis- 
countenancing the circulation of small notes, and substituting in their stead 
a greater proportion of the metallic medium. 

II. OF THE PCBMC DEBT. 

That the precise nature and amount of the funded debt of the United 
States, as it exists at the present time, may be seen, the several descriptions 
of debt of which it is composed, with the periods at which they were con- 
tracted and are redeemable, will be stated. 

The aggregate amount of the debt on. the 1st of October last (see stnte- 
ment No. 3) was §75.923,151 47. This sum includes the remnant of the 
debt of the revolution, amounting to 813,296,247 70, at an interest of three 
percent.; and the sum of $7,000,000, subscribed to the Bank of the United 
States— the United States owning an equal amount in the shares of the 
bank. These sums, making together $20,296,247 70, are both redeemable 
at the pleasure of the Government. 

The remainder of thedebt has been contracted since the Istof January, 
1812, and consists of the sums that follow, redeemable at the dales that 
follow : 

1. The sum of $11,254,197 46, atsix percent., heingtheresidtieunpoid 
of the loaQ under the act of the 8lh of February, 1813, and redeemable in 
1826. 

2. The sum of $13,096,542 90, at six per cent., being the residue un- 
paid of loans made in 1814, a^id redeemable in 1627. 

3. The sum of $9,490,099 10, «l six percent., being the residije nnpaid 
of loans made in 1815, and redeemable in 1828. 

4. The sum of $769,668 08, at an interest of four and a half per cent^ 
being one-half of the six per cent, slock of 1813, exchanged under the act 
of Congress of the 3d of March, 1826, and redeemable in 1829, 

6. The sum of $769,668 08, at an interest of. four and a half per cent. 
being the other half of the six p€4l6enL stoA exchanged as above, and re^ 
deemable in 1830. These two last enumerated sums were s^ down Ittat 
year, by estimate, at $795,509 44, lespeciirely. ' The accounts of the com- 
missianers of loans havi^smce beei^ ac^ff^ythe tnte aoiDatits ava ijbd^- 
tf^n^^jlo be aa now exhibited. ' : : . 



tizedoy Google 



1826.] SECRETARY OP T^E TREASURY. 357 

6. The sum of $18,901 59, at five per cent., being the one-third part of 
the sum of §56,704 77, issued in exchange for the six per cent, stocks of 
1813, 1814, and 1815, under the act of the 20th of April, 1822, nnd re- 
deemable in 1831. 

7. The sum of S18,901 59, at five per cent., being one other third part 
of the sum subscribed ns above stated, and redeemabte in 1832. 

8. The sum of $10,000,000, at 4A per cent., being stock borrowed under 
the acta of May tbe 24ih and 26th, 1824, of the Banl of the United States ; 
oDehalf to pay the Florida claims, the other half to payoff the six per 
cent stock of 1812, and redeemable in 1832. 

9. The sum of $999,999 13, at 5 per cent., being the stock created by 
the act of Congress of May the 15th. 1820, and redeemable in 1832. 

10. The Slim of $18,901 59, at 5 per cent., being the remaining third 
snbscribed under the act of April the 20th, 1822, and redeemable in 1833. 

11. The Slim of $2,227,363 97, at 4J per cent., being one-half of the 
amount subscribed in exchange for six per cent, stock of 1813, under the 
act of May the 26lh, 1824, and redeemable in 1833. 

12. The sum of $2,227,363 98, at 4J per cent., being the other half sub- 
scribed under the act last above stated, and redeemable in 1834. 

13. The sum of $4,735,296 30, at 5 per cent., being the amount of stock 
Bsaed under the act of March the 3d, 1821, and redeemable in 1835. 

By the foregoing enumeration it appears that the amount of debt redeem- 
^e at the periods specified, is - - - - ^55,626,903 77 

That the amount redeemable at thepleasnrcof tbe Gov- 
ernment is ----- - 20,296,247 70 



Making the total amount of the funded debt, on the 1st 
of October, 1826 $75,923,151 47 



This amount will be reduced by a payment to be made on the 1st of Jan- 
uary, 1827, so as to stand on that day at - - $73,920,844 76 

The amount of Treasury notes outstanding on the Ist of October, 1826, 
is estimated (No. 4) at $15,040 : and the amount of Mississippi stock unre- 
deemed on that day, including awards not applied for, (No. 5,) at $7,400 17. 

It will next be proper to state the operations that have been had in rela- 
tion lo the debt since the last annual report from this department. In that 
report it was slated that the unpaid loans of 1813, bearing an interest of six 
per cent., amounted to the snm of $16,270,797 24, the whole of which was 
redeemable in 1826. It was thought to heincumbcntupon the department 
to recommend to the consideration of Congress such provision for paying 
ofi" this sum during the year 1826 as, in the judgment of the department, 
gave promise of beingmost advantageous. The exhibition in detail of the en- 
tire public debt, as contained above, serves (o show that considerable sav ngs 
in interest had heretofore accrued to the nation, by exchanges effected under 
the authority of Congress, of stock bearing an interest of«ix per cent, for stock 
bearing a lower interest ; . or by loans under the same authority, fo the pur- 
pose of paying off portions of the debt cifktracted at six per cent, when the 
lime for redemption hnd nrrived, by the creation j>f new debt to the same 
amount, subject to an interest of less thkn six per cent Under the sanction 
of past legislative approbation of this economical process in relation to the 
debt, it was recommended that a loan should be authorized, for 1826, to the 



tizedoyGOOJ^If 



368 EEPORTS OF THE [1SS6. 

amount of nine millions of dollars, redeemable in 1829 and 1830, at a rale 
of interest not exceeding five per cent., to extinguish this debt of sixteen 
million!: mid upwards, bearing an interest of six per cent., which the Giov- 
ernrnent was thus at liberty to exlinguish in 1826, provided it had the 
means. Nine millions, it was believed, would have formed a sum adequate 
to this operation, in conjunction with the other means which it was supposed 
the Treasury would probably have had at command for the service of 
the debt in 182fi. There is reason to lbink,from the prices which the pub- 
lic stocks bore in the course of the last winter, and subsequently to the win- 
ter, that, had Congress sanctioned a loan to that amount, the efforts to obtain 
it would not have proved unsnccessfnl, and the whole of the stock in ques< 
tion have consequently been paid off. But as nr» loan was authorized, it 
became the duty of the department to proceed otherwise, in its measures for 
extinf;r|)ishing as lar^ a portion of this six percent, stock, redeemable with- 
in the year, as the means of the Treasury, without the aid of the loan, ren- 
dered practicable. This was accordiugly done in the manner followiDg: 
The stock consisted of the residue nnpaid, amounting lo $5,064,732 65, of 
the loan of seven million five hundred thousand dollars, under the act of 
the 2d of August, 1813; and of the residue unpaid, amounting to 
$11,254,197 46, of the loan of sixteen millions, under the act of February 
8lh, 1H13. The former of these balances was wholly paid off, with the 
moneys which the Treasury had at its disposal, on the 1 st of last July. As 
regards the latter, the commissioners of the sinking fund, at a meeting held 
on the 27th September, resolved that two millions of dollars should be ap- 
plied towards its reduction at the end of the present year. The holders of 
thisstock, to an amount representing two millions of dollars, have accord- 
ingly had notice that on the 1st January, 1827, they will receive payment 
of the whole of the principal sum specified in their certificates. By the 
terms under which this loan of the 8ih of February, 1813, was conlracled, 
it became redeemable at the pleasure of the United States, utter the 31st of 
December, 1825, by the reimbursement of the whole sum which stood credit- 
ed to any proprietor of the slock at the lime when the reimbursement took 
place. It followed, that in paying off any portion of this loan, no partial 
payments could be made to the holder of a certificate ; but that he was en- 
titled to receive its full and absolute amonut, without reduction, and also 
the lull amount of all other certificates of this particular stock of which be 
was at the same time owner. It therefore became necessary, as no preference 
could be shown to oue public creditor over another, to determine by lot the 
numbers of the certificates to be redeemed, until their aggregate amount 
should represent the sum intended to be paid off; and such was the plan 
pursued. The precise mode in which it was carried into effect will b« 
aeen by an explanatory paper (L,^ among the doco ments transmitted. This 
resort to chance terminated in giving a small excess over the sum wanted ; 
so thai the sum to be paid off on the 1st of January amounts, in exact 
figures, lo $2,U()2,306 71. 

It may be proper to mention that the unpaid six per cents of 1813 were 
slaied lastyear at §16,270,797 24, when the trueamountwas $16,316,599 90. 
The difference was included in the tour and a half per cent stock, under 
the act of March the 3d, 1823. since ascertained to have belonged to the 
stock of 1813. It should be further mentioned, that the Ihree per cents 
were Stat d last year at $13,296,231 45 ; to which have been added, this 
yeor, 816 25, since issued for interest on the old registered debt, under the 
act of the 12th of June, 1793. 



tizedoy Google 



182&] SECRETARY OP THE TREASURY. 36$ 

After the proposed pnyment of $2,003,306 71 shull have been mnde on the 
lat of January, the funded debt will have been reduced from 980,985,537 72, 
in atnoant last year, to $73,920,844 76, the nmounl at which it will stand 
on the Ist of innuary, 1847. It hence appears, that the means which the 
Treasury was found to possess for the reduction of the principal of the debt 
Tithin the year 18:i(J, using those ineans as largely as could be justified, and 
as the commissioners of the sinking fund thought proper to sanction, 
monnted to $7,067,039 36 ; and that this sum has served to extinguish, by 
» mach, the unpaid six p«r cent, loans of 1813, amounting, as by state- 
aeal in the annual report of Decemher last, to $10,^70,797 2i. The pay- 
■ent of interest upon the whole debt within the year will have amounted, 
bv the close of the last quarter, to $3,944,359 33 ; making, in the whole, 
principal and interest, applied to the debt in 1826, 811,011,398 69. 

Of the foregoing sum of $73,920,844 76, of which the debt will consist 
m the 1st of January, 1827, $31,838,532 75 will be at an interest of six 
per cettt.; $12,792,000 20 at an interest of five per cent. ; $15,994,064 11 
itan interest of four and a half per cent.; and $13,206,247 70, the rem- 
nant of the revolntionary debt, at an interest of three per cent. 

It rennnins to offer such suggestions, connected with the debt for the year 
n3ning',asa provident regard to the public resources is thought to point out. 
h is seen from the recitals that havt> preceded, that much the largest part of 
the debt exists at present in stock of six per cent. This is the highest rate 
of interest which is pnid by the Government : it is conceived to be higher 
tlian it is proper should be paid, unless where demanded by the public faith. 
The time and concomitant circumstances which ciiaractJ-rized the creation 
of this part of the debt, necessarily burdened it with so heavy a rate of in- 
letEst ; but that, with the ample resources, the unqneslioned secarity, and 
the exalted credit of the Government, it should continue to pay it, where 
the option concurs with tb« presuiiKd ability to shake it off, seems no longer 
warrantable. 

Of the whole sum, approaching thirty-two millions of dollars, which 
Aands at this interest, nine millions have beeii redeemable within the pre- 
KM year ; thirteen millions will become redeemable on the 1st of January, 
1827; and nine millions on the 1st of January, 1828. Fractions are 
drr^lMd in the recapitulation. The adv^tnlajre lo the nation of converting 
by loans, or by exchanges, as large a portion as possible of this part of the 
delA, into debt that shall bo charged with a lower interest, appears to be so 
obvious, that theexpedienoy of recommending to Congre's the proper mea- 
sures to effect it again suggests itself os an incumbent obligation upon the 
dqiartment. It is not overlooked, that the probability of obtaining a loan 
ibr this purpose diminishes, other things remainin;^ equal, as we arebrought 
Dearer to the time proposed for its redemption. But the prospect of obtain- 
ing it is still believed to be siifQcient to justify the endeavor. It is there- 
fore respecifiitly recommended that authority be given by law, and at an 
early period of the session, to borrow the sum of sixteen millions of dollars, 
at a rjite of interest not lo exceed five per cent., to be redeemable at the 
pleasure of the United States, in equal portions, in 1829 and 1830. These 
years are fixed as the periods of redemption, for the reason that operated last 
year ; namely, that under the present arrangement of the entire debt only a 
VCTy small portion of it (less than one million of dollars) becomes redeem- 
able in either of those years. Should such a loan succeed, it wotild pay off 
at once more than oiieJialf of all the stock, at six per cent., thereby pto- 



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380 REPORTS OF THE [1826. 

ditcing a clear saving to the nation of at lenst one per cent, on a capital of 
sixteen millions of aollors for two years, and for a longer period on a 
part of that capital. The residue of the six per cent, stock, amouniiug to 
$16,838,532 75, would await ihe application of the disposable means of 
the Treasury during the years 1827 and 182S. Whether those means would 
prove sufficient for its complete reduction within those years, depends upon 
events that cannot be accurately foreknown. All that can be remarked is, 
that, to the full extent of Ihe ability of the Treasury, the means would be 
applied, and at the periods of time best adapted to the exigencies of the 
public service, under the directions of the sinking fund act, and the lights 
of past experience at the Treasury. If, nevertheless, a part of (his residue 
of the six per cent, stock should be found unextinguished on the arrival of 
the year 1829, (as probably woidd be the case,] Ihe obligation of pnying it off 
then would constitute neither objection nor inconvenience to the measure 
of a loan upon the terms proposed. It is consequently believed that, under 
all views of the subject, the measure would give promise of public advan- 
tage. Such a law as is recommended being passed, and its execution confided 
to the discretion of the Executive, that discretion would be exerted to in- 
sure the accomplishment of its object, regarding both the time of oblaining 
the loan, and its conditions, in a manner the most salislaclory. 

III. ESTIMATE OF THE PUBLIC REVENUE AND EXPESDITUHE FOa 1827. 



The importation of foreign articles into the United States, in 1826, was 
larger than common, having amoimted, as by (he statements transmitted 
to Congress on the 30th of last March, to more than ninety<six millions 
of dollars in value. This exceeded by about sixteen millions of dollars 
the average value of importations for the three years preceding. The ex- 
cess was larger than could be justided by the mere gradually increasing de- 
maud of the country, through its increasing popnlousness, for foreign sup- 
plies ; and could only have proceeded from the influence of those accidental 
and temporary causes which, in commercial countries, ore always affecting 
the operations of trade. A supply so redundant for one year might have 
been expected, by the natural redux of these operations, to be followed by 
supplies more limited for the year succeeding. On this accounl,as well as 
through other causes that were adverted to in (he annual report of last De- 
cember, the probability of there being a falling off in the value of the import- 
ations of 1826, as compared with those of 1825, was intimated, and has 
been (he fac(. The whole importations for l!-2b have amounted, from the 
returns and estimates at present before the Treasury, to about eighty-five 
millions of dollars in value. The whole of the exports for the same time 
to about seventy-eight millions. Of the imports, about eighty millions have 
been carried iu American vessels ; and of the exports, about seventy millions. 
Of the latter, about My-three millions consisted of the productions of the 
United States, and the remainder of forei^ productions. The dimiaiehed 
value of importations for 1826 has obviously arisen, in some degree, fr<Kn the 
fall of prices in those countries of Europe from which the largest quantity 
of manufactured articles are sent to the United States; and gives countenance 
to the opinion that the decrease iji quantity has not been in proportion to the 
decrease in value. If. indeed, Ihe comparative amount and value of exports 
be assumed as the measure of a correct judgment upon this point, it would 
even lead to the inference that, as regards some of the principal articles of 
importation into Ihe United Stnta for 1S26, there has been no decrease in 



tizedoy Google 



182t) SECRETARY OP THE TREASURY. 361 

qaantity, ns compared with the importations of 1825. The value of exports 
from the United States for 1836, exhibits agreater excess over those of 1826 
ihan is seen in the imports ; yet, in some of the chief articles of export, the 
records of the Treasury attest that the quantity, as far as yet known, was 
gmler in 1826. In 1825, the export of cotton was one hundred and seventy- 
91 millions of pounds. In 1826, it was one hundred and ninety-two 
imllions. The value of the latter, or larger quantity, was twenty-four mil- 
lions of dollars. The value of the former, or smaller quantity, was ihirty- 
fli millions. In like manner, the quantity of flour exported in 1826 was 
prater than in 1825 ; whilst the value was less, though not in the same pro- 
[unton as with cotton. The same is tnie of rice. Theexportofflourin 1826, 
«e in quantity 858,360 barrets, in value 4,139,063 dollars. In 1825, it was 
!!3,906 bnrrels, and in value 4,212,127 dollars. The export of rice in 1826 
ns 110,636 tierces in quantity, and 1,9U9,227 dollars in value. In 1826, it 
■M 97,015 tierces iu quantity, and 1,925,243 dollars in value. It may be 
ftoper to subjoin, that of the export of cotton in 1825, between nine and ten 
mliions of pounds were of the Sea Island cotton; andof the export in 1826, 
tefreen six and seven millions. Of tobacco, the quantity exported, as 
veil as its value, rose higher in 1825 than in 1826. But in 1826 the export 
ill tobacco, though considerably less than that of 1 824 in quantity, was 
mater in value. The comparative amounts, in quantity and value, for the 
three years, stand thn.-t: for 1825, 75,984 hogsheads, ar.d 86,115,623; for 
im, 59,780 hogsheads, and $5,322,964 ; for 1824, 77,883 hogsheads, and 
iS85,566 dollars. Taking the three years, therefore, it appears that the 
qoanttty exported was greatest in 1824, end the value least. 

Jt would be desirable, with a view to judge accurately of the effects of the 
iiiS npoii the importations of foreign mercnandise, to ascertam the fluctua- 
Mns, from year to year, in the quantity of such importations. This cannot 
be done, at present, so &r as any official or satisfactory standard at the Trea- 
airy is concerned. The returns of the collectors of the customs, in relation 
Eoeooda which pay duty nd valorem, have hitherto fixed nothing but their 
Tifne ; and it is known that goods subject to duty under this form compfe- 
tiend much the largest class of foreign importations. Measures have been 
wt in train for ascertaining, henceforth, as far as practicable, the entire 
lunntity of goods subject to this description of duty, as well as the value. 
Bat even when lime shall have matured these measures, and exhibited their 
leulls, they will furnish no standard of comparison as to the quantity of im- 
pomiions prior to their adoption. The information will, however, become 
nsefiil after thelapseof afew years, in its bearingupon the course and devel- 
rfHDeots of our home industry and foreign trade;showing how each, under 
vise principles adapted to each, may advance co-equally ; how the channels 
3nd the objects of the latter may shift under the advance of the former, with- 
out any loss, but with gain, in effective national results — results operating 
npon the most extensive interests, and enriching to the greatest mass of num- 
bers; or how, under the growth of the one, the other is at all destined lobe- 
cQine disadvantageously and laslinglv abridged. The bene&cial parts of 
these consequences are looked to with confidence and hope from the tariff, 
as well from our own experience, thus far, as from that of other nations of 
[be worid distinguished by high degrees of opulence and civilization, and 
wh«« both have rested upon durable rather than transitory foundations — 
foandalions that have been carefully laid in applying the home industry to 
the multiplied operations of manufacturing art, no less than to the tillage of 



tizedoy Google 



363 REPORTS OF THE [1826. 

the soi), and in making the accumulated productions of both the basis of a 
^reat foreign trade. But facts that may shed a diatinct li^ht upon the whoie 
subject should be sedulously collected, to serre, if need be, as the ground- 
work to us of a more perfect system of legislation in relation to a course of 
policy so closely interwoven with the interests and character of the social 
state, and with the national prosperity and power. The foreign trade of the 
United States, to its inherent causes for progressive extension, supemdds 
imother and distinctive one, in the constant desire of the Governmoit, 
us manifested in their permanent laws, and emphatically in their recent 
treaties, to carry it on freed from all restrictions upon navigation, as well 
as upon the most enlarged principles, and the most entire reciprocity in 
all other respects. If mese principles, of which the United SteUes have 
lately set the example, were practised upon more universally by nolioos, 
ana to the extent uniformly proposed by this Government to tlieir accept- 
' once, the fact might be more important in its influence upon general trade, 
and upon that of each nation in particular, than abstract declarations iLltis- 
trative or commendatory of theoi. 

The value of cotton goods subject to ad valorem duty, imported into the 
United States in 1826, was, as far as at present ascertained, 8,905,316 dol- 
lars; the value of the same description of goods imported in 1826, was 
12,509,516 dollars. The value of woollen goods subject to ad valorem 
duty, imported in 1826, was 7,445,493 dollars. The value of the same de- 
scription of goods imported in 1825, was 11,392,264 dollars. But, as already 
intimated, this difference in value cannot be relied upon as a safe test of the dif- 
ference in quantity. There are seasons when it would be peculiarly mislead- 
ing, and the present is believed to be one of them. I'he duties on each descrip- 
tion of these manufactures were calculated on the prices which each, respect- 
ively, bore at the places of exportation during the respective years; and the 
great fall in prices in 1826 will undoubtedly serve to account, in part, for 
the difference in the aggregate value of the two importations. Further 
elucidation will be afforded to the point, when it is added, that, although the 
value of cotton manulactures imported in 1836 stands below those imported 
in 1885, in the proportion stated, it exceeds the value of the same kind of 
manufactures imported during either of the two years preceding, viz: 1824 
and 1823. The same is not true of the woollen manu&ctures. The value 
of the latter paying duty ad valorem, imported in 1826, is found, from the 
returns as yet before the Treasury, to be below the value of the same kind 
of importations for 1824 and 1823, though the difierence is fur less consid- 
erable than between their value in 1826 and 1826; nor is it known at this 
department what may have been the comparative value of woollen goods at 
the places of exportation during thefonrconsecutiveyearsindicated. The 
valuation of merchandise, constituting the total aggregagc of our foreign 
trade, is always made at the port or place of shipment ; and the rule applies, 
conseqiienlly, both ways— that is, to all articles of export as well as import : 
thereby freeing it from objections to which it might otherwise be open. The 
mode of valumg is, in effect, as follows: the party making the shipment 
annexes the value to the manifest or list of articles, superadding his oalh 
that it is the true valtie, according to their actual cost, or according to the 
Value whicii they truly bear at the port and time of shipment. This oath is 
taken under the supervision of the collectors, as r^rards exports; and under 
that of our consuls, or other commercial or substituted agency abroad, as 
rsgards imports. Some other formalities are observed under our laws, par- 



tizedoy Google 



1826.] SECRETARY OP THE TREASURY. 363 

ocularly in relation to imports ; but they are ail in aid of the chief provision 
bere stated. 

The articles of American njanufacture exported from the United Stntes 
HI 1836 will, it is believed, be found to exceed six millions of dollars in 
Ttloe, The particular kinds of manufuclure which have mad' up this 
pro&table and growing branch of the export trade will be presenied in de- 
tail, and their tottd vtune ascertmned with more precision, in tlie general 
Atistical tables now in course of preparation, under the act of the lllth of 
Febroary, 1 820, which will be transmitted to Congress at ns early a day as 
ihetr Toluminous nature will allow. Of the amount of American mnnu- 
faetnres produced for consumption within the United St^iles during the 
nar, it is impossible to speak with exactness; but, from indications that 
tuinot deceive, it is evident that it is large; so large that the amount ex- 
fMted would sink to a level below all comparison with it The surest 
[Hide to our belief under this head is, that in those branches which have 
II length been enabled, through a provident legislation, to stand up against 
ib«t overwhelming competition of pre-established excellence and capital 
from abroad, which must otherwise have kept down forever their first at- 
icDipts, the article can now be had cheaper in price, as well as better in 
faiity. than the same article from abroad, as it was seen in our markets 
)mr to the efficient protection afforded to our own. Hence the apprehen- 
W!s of monopoly pass away. Hence the certainty that competition at 
borae will bring down prices eventually, if not immediatety, whilst it cre- 
Hes and diffuses new wealth at home; labor being the fonndation of wealth, 
ud producing and disseminating it more univei-sally, and in higher de- 
crees, in proportion as it exists Under diversified forms and in full activity. 

his then that the farmer, the artisan, and the merchant give support to 
nch other, each enlarging (he occnj)atinns and the gains of each ; the State, 
meanwhile, reaping the fruits in fiscal prosperity and political power. 

As regards the cotton manufactories of the country, there are grounds 
(iff supposing that they now malte a call for full one-fourth part of all the 
nw cotton grown in the United Slates. Authentic information ns to the 
exact quantity is not, indeed, possessed at the Treasury; but, as an approxi- 
naiion, it is believed that the above proportion may be taken, without the 
hazard of essential error. It is gratifying to add, that those parts of the 
United States where manufacturing establishments of all kinds flourish 
HHst. exhibit an animated industry, an orderly aspect, and an increasing 
popolation. Towns and villages are seen rapidly to rise up in such dis- 
tricts; in resorting to which, the rural population of the vicinity find ready 
and profitable sbIps for the various productions of farming enterprise and 
bibor. It is believed, that as these esloblishments shall rear themselves up, 
onder adequate enconragemenl in augmented numbers and importiince, a 
ecrrespooding activity in foreign trade wilt become their concomitant in the 
nine portions of country; since, besides the trade in exports, to which, af- 
ter supplying to their full share the home demand, they open the way, and 
which will not fail tobring its properreturns on the broad scale of exchanges, 
the very existence of oiannfaciures, as they assume great variety and 
reach perfection, superinduces the necessity of constantly bringing into the 
coantry new varieties of ingredients as subsidiary to them. So wide, so 
foil of dependance nptm all other kinds of labor, not only of our own, but 
of other regions, is this great department of national industry. So certainly 
doits multifarious and beneficial operations in large, refined, and busy com- 



tizedoy Google 



364 REPORTS OF THE [1826. 

munilies, perpetually read upon all the other departoieDts ; so qnrck are the 
alternati'His of consumptioii and supply, and over so great a surface of 
things do both spread inemselves, in such communities. Ii cannot escape 
attention, that the porlions of our country for the most part answering to 
these remarks, or lo some of them, are not favored, or favored in but a 
slight degree, with the capacity of producing those immense and exhaiist- 
lese Ivensures of the soil spoken of in this paper. For the absence of them, 
their inhabitants in part seek compensation in pursuing artificial modes 
and combinations of industry, which take these treasures as a substratum; 
by which the great scheme of national advancement is to be seen in its 
true component parts in our Union — parts naturally destined tomake up onn 
systematic whole, where the plough, the loom, and tlie ship, will each have 
its approprinie sphere in raising to a proper elevation the entire fabric of 
our social and public prosperity, in carrying to the highest attainable pitch 
our riches, our happiness, our power. A policy short of this belongs not 
to a free and intelligent people, surrounded by the bounty of Providence 
with varieties of climate and territory, fostering inciinations and aptitudes 
for variety in human employments, by an exuberance of mineral and fossil, 
no less than of agricultural wealth ; by vast waters flowing through this ter- 
ritory, that serve as natural highways, and supply the fund for artificial 
ones ; affording pre-eminently, in connexion with that mighty agent in na- 
vigation as in mechanics, the steam-power, the means and inducements for 
a universal and rapid transfer of the products of labor from hand to hand, 
whether they consist of commodities of useful and ingenious workmaosbip 
from the repositories of art, or of harvests from the fields of nature; by all 
the elements and attributes, in fine, geographical, political, and moral, of a 
great empire. The foundations of such a policy once securely laid in that 
legislative assistance to our manufactures, without which they must strug- 
gle in vain against those of other countries long and thoroughly establish- 
ed — an advantage not inherent but adventitious, yet an overpowering ad- 
vantage, and as already proved in some articles of national importance lo 
which we have afforded efficient protection — we shall have nothing to fear 
for the future. Then, and only then, shall we be raised up to a level, in 
this respect, with other countries. Then,aDd only then, shall we stand in a 
position of equality to listen to doctrines, right enough it may be in them- 
selves, but of which others have never accorded us the benefit, or thought 
of holding up as doctrines for reciprocal practice, even with numerous safe- 
guards and reservations, until their own manufactures, in all branches 
that conduced to national resources and power, had acquired, through ages 
of experience, of capital, and of skill, a stability not to be shaken. 

A resolution pas^ the House of Representatives, in May, directing the 
Secretary of the Treasury to cause to be prepared n well-digested manual, 
containing the best practical inform^ion that could be collected on the 
growth and manufacture of silk, adapted to the different parts of the Union; 
containing, also, such facts and observafipns in relation to the growth and 
manufacture of silk in other countiies, as might be useful ; and that the same 
^ould be laid before Congress at the commencement of their present ses- 
sion. Steps were taken, without loss of time, to obtain the information con- 
templated by the resdntion, as well from all parts of this country as from 
Europe, ^t, from the scope which the subject was found to assume, all 
the information expected under inquiries that have been instituted has not 
yet gnt to hand ; nor will it now be practicable to have it digested and 
arranged, even should it all be received by the lime designated. The rc- 



, Co(.H^Ic 



1826.J SECRETARY OF THE TREASURY. -365 

scdntioii will continue lo comfnond every attenttoo, and be finally acted upon 
usoon as may be compatible with the accoroplishmentofiLs interesting ob- 
jects. A brsnclt of industry that may be turned to so many purposes, use- 
M and orimmeiitaU and which ministers to the weahh of nations with so 
little cost in the material on which it is originally founded, as well as in the 
species of labor that is nj^lied to it, naturally merited, as it has received, all 
ibe attention which the terms and spirit of the above resolution bespeaic. 

The value of importatioDs for the year giving the basis of the impost 
refettiie rather than their quantity, it follows that, as the value of those for 
1S26 has fallen below the value of those for 1625, so will also the revenue 
from this source be less. The amount of duties secured by bonds on mer- 
duodise imported during the first three quarters of the present year is esli- 
naled at 2 1,260,OOU dollars: the amount that wiil probably accrue during 
the last qnarter is ealininted at about 4,250,000 dollars ; making for the 
whole year $25,500,000. Thelanguidstateof theteatradefor 1826— alrade 
ilways so productive in revenue when it flourishes— has lent its aid, in con- 
JDoctioa with the fail of prices abroad, in diminishing the accruin;? amount 
Oom the customs during the year. Some revival of this valuable trade — 
ralaable under fiscal and commercial views, and, from its tendency lo en- 
coarage more largely the taste for an innocent and wholesome drink, in 
pbce of those that are neither, valuable even under moral views— may per- 
hips be anticipated in 1827. it may also be presumed that the extensive 
Jipression of prices witnessed in Europe in 1826 will not have place upon 
asimilar scale in 1827. Nevertheless, with the causes, little likely in ibeir 
coQitanation ut least to be marked by speedy repetition, that have operated 
lo lover the accruing revenue from the customs for the current year below 
ttiat of the year preceding, there is every reason for supposing that it will 
exceed the revenue ariangfromthissourcedniinganyone of the four years 
that immediately preceded 1825 ; and even go beyond the amount received 
in that year, though not tbe amount that accrued in that year. This fiict 
will be entitled lo its proper weight, in determining to what extent the 
i^ulalions of the present tarid'are likely to bring injurious iaroads upon 
tl^ commercial revenue of the nation. 

The debenture hoods issued for drawbacks during the first three quarters 
of the present year, ariiountedt*the sum of $3,840,869 10. This is less by 
9648,841 19 than those issued during the corresponding period of 1825. 
The amount of those outstanding on the 30tli of September last, and charge- 
able upon the revenue of the next year, was $1,294,310 94, which is less 
by $5(>4,004 70 than was ohargeable on the same day in 1825 upon the 
nfeaae of lSi6. The dedaction in the shape of drawbacks from thaaccni- 
ing revenue of 18^ will therefore, perhaps, exceed five millions of doUara. 
^Hie amount of duty bands in suit on' the 30th of September wa» 
S4,007,882 76. This is a large sum; exceeding by $1,020,535 64 the 
sum Uut was in suit on the same day in the year precedilig' The excess 
iain B greatdegres to beaccouoted for bv the fraudulent tranmotionB in tme 
or two of the pnticipal citi^ of the Unitea Statesin relation to imported, teas. 

Whilst the impoM revenue raceivable next year will be less than that 
winch accrued in 1325, and has been received, or isstiJJ to be received in 
1^6, the public lands promise to yield next year mote tb&a they have this. 
The probability of increased productiveness in this branch of revenue rcBts 
on the following grounds : 1st. Tbeactof tbalaEtBeBGlon toaldng "provt- 
jBkn fat thft-extinguislunent of the debt to the United States by the pur* 



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_l 



366 REPORTS OF THE [1826. 

chasers of public lands," has arrested almost entirely, for the present year, 
the payments for lands sold on credit. That lav will, however, expire next 
July, and the payments under it wilt be thrown upon the year 1837. 2d. 
A considerable quantity of the lands relinquished to the Uuiled States ^rill, 
it is expected, be brought into market in thecourseofthe next year; omoogst 
others, those at Himtsville, which are Talual)le, being dispersed through a 
fertile country, occupied by a thriving population. It is believed that they 
will sell promptly, and at good prices. 3d. A large portion of the best ol 
the public lands in Florida will be oSered for sale in 1827. It is understood 
~ that these lands are in demand, aud anticipated that they will sell well. On 
these and other grounds, it is thought, at present, that the revenue from the 
sale of public lands in 1827 will not be over-estimaledj when it is set (down 
at two millions of dollars. The state of the land office, generally, will be 
seen by a report from the officer at ihe head of that establishment, which 
accompanied the President's message to Congress at the opening of the ses- 
sion, and will, it is hoped, be found satisfactory. 

From the foregoing facts and considerations affecting Ihe customs and the 
public lands, it is believed that the whole revenue of the United States for 
1827, from these and other less important sources, may. be estimated at up- 
wards of tweniy-three millions of dollars ; and that it will arise thus : 
From customs , . - . , $liO,46<),000 

From public lands . . - . - 2,1X10,000 

Prom b(d)k dividends .... 420,00(1 

From miscellaneous and incidental receipts - - 330,000 



923,1 S0,000 



The expenditures for 1827 are estimated as follows, viz: 
Civil, miscellaneous, and diplomatic - - • |tl,8!i6,549 54 

Military service, including fortifications, ordnance, Indian 
department, revolutionary and military pensions, arming the 
militia, and arrearages prior to the 1st of January, 1617, 6,546,144 36 

Naval service 3^30,260 23 

Public debt 10,000,000 00 



•20,702,954 13 



Which will leave in the Treasury on the 31st of December, 1827, afler 
satisfying all the demands of that year, on the basis of the foregoing calcula- 
tions, a surplus estimated at $2,447,046 87. This suiplus will be a dis- 
posaUe surplus, over and above the sum before stated as not in effective funds, 
«Ddofthe two millions of dollars to be reserted in the Treasury under the 
sinkuigfund act of March 3d, 1817, 

In the estimate of expenditures for 1827, the annual appropriation of 
500,000 dollars for the gradual increase of the navy, under tne act of the 
3d of March, 1821, has not been inserted, that appropriation expiring with 
the present year. Whatever renewed sum the wisdam of Congress may 
set apart for this ^fective arm of the public defence, will add another item to 
the Int of expenditures for the year, and lessen by so much the estimated 
balance at its expiration. 

All which is respectfully submitted. 

RICHARD RUSH. 

TafiAfiuRY Dbpabtmeht, December 12, 18 2~ 



.„Gooj^lf 



SECRETARY OF THE TREASURY. 



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SECHETAKY OP THE TREASURY. 



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1,403 44 
1,486 34 
1,459 40 

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3,600 46 
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370 REPORTS OF THE [1826. 

E. 

STA TEMENT of moneys received into the TTeasury, from all sources 
other than custotns and public lands, during the year 1625. 

Promarreais of new internal revenue '- - - $25,77135 

arreatB of new direct tax - - - - 2,330 85 

fees oa letters patent .... 8,940 00 

cents coined at the mint • - . . 19,4% 25 

postage of letters . . - - . 469 56 

nnes, penalties, nnd forfeitures - - ~ 3,411 06 

sales of public lots in the city of Washington - 1,572 38 

surplus emoluments of officers of the customs - 26,960 06 
consular receipts, under the 2d section of the act of 

14th April, 1792 - - - - 2,292 10 

trading establishments with the Indians • - 10,020 80 
nett proceeds of vessels and cargoes condemned under 

the acts prohibiting the slave trade - - 4,473 67 

nett proceeds of vessels captured from the pirates • 325 13 

rent of the naval hospital farm, Chelsea - - 267 45 
interest on balances due by banks to the United 



Bank of Tennessee, for premiums on drafts for 
moneys belonging to the United Slates, and de- 
posited with said bank - - . - 

interest on notes given for the purchase of the 
Northumberland house estate 

annuities to Christian Indians on the river Thames 

moneys previously advanced on account of second 
census - - - - 

moneys previously advanced for ascertaining land 
titles in Louisiana - - . , 

dividends on stock in the Bank of the United States 



Balances of advances made in the War Department, repaid 
under the 3d section of the act of the 1st JHay, 1820 - 

Loan of five millions at 4} per cttit, per act of Z6th May, 
1^6 5,000,000 00 

5,62 6,064 01 

Trsasurt Dbpabtment, 

Regiater'a Office, November 30, 1826. 

JOSEPH NOURSE, lUgister. 



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1,474 98 


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367,600 00 


482,134 69 


43,919 32 



t,i.a,Google 



laaft] SECRETARY OF THE TREASURY. 



^T.l TEMENT of the expendUures of Ike United Slates, for the 
year 1825. 

CIVIL, MI3CELLANE0C9, AND DIPLOMATIC, VIZ." 

L^laturc $563,100 48 

Executive - - - - . 478,330 58 

Officers of the mint - - - . 9,600 00 

Surveying department - - - 20,795 34 

Commissioner of the Public Biiildine;s - 1,500 00 
(jovernmeots in the Territories of the United 

States ..... 33,421 71 

Jodiciary ..... 223.999 13 



Innttities and grants ... 2,100 00 

Uraiit to General Lafayette - - - 200,000 00 

Hint establishment .... 19,651 64 

I'Dclaimed merchandise - - - 369 06 

L^ht-bouse eslabhshment - - - 183,864 64 

Surveys of public lands - - - 133,928 83 

Registers and receivers of land offices - 1,375 00 

(Vestern boundary line of Arkansas Territory 3,000 00 

Boundary lines between Missouri and Arkansas 1,500 00 

Preservation of the public archives in Florida 750 00 

Land claims in Florida Territory - - 8,144 35 

Land claims in St. Helena land district - 3,562 50 

Roads within the State of Ohio - - "9,19727" 

Roads within the Stnte of Indiana - - 10,798 09 

Roads and canals within the State of Alabama 10,763 66 

Roads and canals within the State of Missouri 4,990 56 

Roads and canals within the State of Mississippi J^7e0 26 '^rw t* 

Bncouragement of learning within the State "~"-' ^ /^ n x 

ofUHnois .... 5,702 06 ; 
Kanyment for lands erroneously sold by the ' - -: 

United States .... 1,635 93 
Purchase of lands reserved to certain Creek 

Indians - - - - - 800 00 " ' 

Marine hospital establishment - - 64,938 51 

Pnblic buildings in Washin^on - - 62,000 00 

Accoimnodation of the President's household . 14,000 00 
Bringing the votes for President and Vice 

President of the United States - - 6,169 50 
Consular receipts under the act of 14th April, 

1792 2;892 10 

Payment of certain certificates - - 83 01 
Payment of balances dne to officers of the old 

mtemat revenue and direct tax - - 2,184 64 
Payment of balances to collectors of new inter- 
nal duties .... 1,746 99 



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379 



REPORTS OF THE 



Payment of claims for property lost - - S 143 00 
Stock in the Chesapeake and Delaware Canal 

Company ... - 192,500 00 

MiBcellaneous expenses - - ■ 73,164 82 

i 

Diplomatic department - - - 159,603 82 

Contingem expenses of foreign intwcourse - 26,474 96 

Belief and protection of American seamen - 33,533 17 

Treaty with Spain . - - - 1,125 00 

Treaty of Ghent, (6th and 7th articles) - 12,583 13 

Treaty of Ghent, (1st article) - - 12,000 00 

Prize causes .... 8,000 00 
Payment of claims undffl* the 9th article of tibe 

treaty with Spain - - 19,368 37 

Claims on Spain ... - 73,876 14 

Treaties with Mediterranean powers - 26,108 67 



[1826.. 



- tl,046,131 40 



MILITARY E8TABI.1SBMEKT, < 



Pay of the army ... 
Subsistence 

Q.uartermaster's depaitment - 
Purchasing department 
Bounties and premiums 
Forage . - . - 

Expenses of recruiting 
Medical departmeat 
Purchase of woollens for 1826 
Medals for officers - . . - 

Relief of officers, ii.c., Setainole campaign 
Ransom of American iCaptives 
Balances due to certain Slates on accoont ef 
militia ...... 

I^yment of interest due to the State of Yi^inia 

Payment for property lost, &c 

Armories - . - . . 

National armory, wqsI^ib waters 

Arsenals . . - . . 

Arsenal on the Schuylkill - 

Ordnance . - - . . 

Powder, cannon, shot, shells, &c 

Arming and equipping Ike miUtia - 

Military Academy, West Point 

Fortifications . . . . 

Repairs and continMiM^ of fortifcotions 
Armament of new fortifications 
FortHonioe - . . 

Pott Calhoui . . . . 

Port WashiDgton - . . - 



$946,043 34 

283,700 26 

268,709 34 

206,400 13 

21,278 60 

36,«27 62 

8,254 18 

22^9 41 

20,000 00 

806 00 

2,818 19 

640 00 

6,610 66 

178,480 11 

40 00 

359,134 52 

2,479 88 

22,399 93 

8,000 oa 

47,841 29 

209 32 

lW,338 7r 

12,7^ 66 

4,886 70 
90,727 91 
4,800 00. 

71,901 m 
1,992 96 



tizedoy Google 



SECRETARY OP THE TREASURY. 



Port Delaware - . - - 

Fort Jackson . . . . 

Fort at Mobile Point 

Fort at New Utrecht Point - 

Port at Brenton's Point 

Fort at Rigolets and Chef Menteur - 

Fort at Beaufort, North Carolina - 

Fort at Cape Fear . - . . 

Materials for a fort opposite^ort St. Philip • 

Deepening the hnrbor of Presque Isle 

PiesefFntion of islands in Boston harbor 

Repairs of Plymouth beach 

Surrey of Marblehead and Holmes's Hole - 

Improving the Ohio and Mississippi rivers - 

Soryey, &c., of roads and canals - 

Continuation of the Cumberland road 

Road from Ohio to Detroit - 

Road from Detroit to Chicago 

Road from Memphis to Littfe Kock - 

Road from Cape SaHe to Suwanee river 

Road from Pensacola to St. An^stiae 

Road from Colerain to Tarapa Lay - 

Road from Missouri lo New Mexico 

Revolutionary pensions 

Relief of sundry individuals 



Arreara^ 

Civilization of Indians . . - 

Pay of Indian agents - . . 

Pay of sub-^nls - - - - 

Presents to Vidians . . . 

Contin^ncies of Indian department 

Military escort, per act of May 25, 1824 

Compensation to citizens of Georj^a 

Creek treaty, pur act of March 3, 1825 

Treaties with Indians beyond the Mississippi 

Treaty with Florida Indians 

Treaties with Sioux, Chippewas, ice. 

Choctaw treaty . - . - 

Expenses of Caioctaw treaty 

Choctaw claims . ■ - . 

Claims against the Osages - 

Annuities to Indians . . . 



From which deduct the following repay- 
ments: 
Invalid and half-pay pensions $67,879 76 
Gratuities ... 85 37 

Purchase of Quapaw lands - 226 09 



993,160 47 

136,H3 11 

141,262 22 

66,799 32 

44,477 28 

106,472 18 

1,000 00 

17,000 00 

307 38 

11.420 19 

10,907 29 

6,712 00 

400 00 

11,244 23 

37224357 

6,2S6 00 

3,000 00 

3,326 82 

2,072 IS 

10,931 06 

6,000 00 

.l6flOSU» 

1,308,810 67 

140,000 30 

17,816 76 

29,877 35 

13.546 41 

37,690 16 

17,077 73 

16,761 19 

76,068 42 

500 00 

23,000 0© 

229,036 60 

6,900 43 

36,425 57 

10,400 OO 

8,748 72 

9,723 44 

16,972 60 

2,748 00 

218,744 36 

5,761,022 41 



- $6,692,831 19 

tizedoy Google 



REPORTS OF THK 



RATAL ESTABLISHMENT, TIZ: 



[1826. 



Pay of the navy afloat 

Pay of the navy shore stations 

PioTisions - - - - 

Medicines and hospital stores 

Repairs of vessels - 

Navy yards, clocks, and wharves - 

Navy yard, Portsmouth 

Navy yard, Chailestown 

Navy yard, New Yorlt 

Navy yard, Philadelphia 

Navy yard, Washington 

Navy yard, Norfolk 

Navy yard, Pensacda 

Gradual increase of the navy 

Building ten sloops of war - 

Houses for ships in ordinary 

Inclined plane dock, &c. 

Prohibition of the slave trade 

Suppression of piracy 

Survey of the coast of Florida 

Survey of Charleston and St. Mary's 

Captors of Aleerine vessels - 

Rehef of sundry individuals 

Contingent expenses prior to 1S24 - 

Contingent expenses for 1824 

Contingent expenses, not enumerated, for 



1824 



Contingent expenses, not enumerated, for 

1826 

Contingent expenses, not enumerated, for 

1825 

Pay and subsistence of the marine corps 
Clothing of the marine corps 
Medicines for the marine corps 
Military stores for the marine corps 
Fuel for the marine corps - 
Repairing barracks of the marine corps 
Contingent expenses of the marine corps 
Contingent arrearages of the marine corps • 



From which deduct the following repay- 
ments: 

Ordnance and ordnance stores - 327 64 

Laborers, and fuel for engine - 3,006 66 

Superintendents, artificers, dtc. ■ 13,968 10 
Tools lumt at the navy yard at 

Washington - - 31 06 



$836,052 48 

285,671 26 

391,531 97 

36,511 51 

388,164 78 

19,789 58 

1,783 84 

20,000 00 

41,901 42 

11,509 74 

22,497 09 

15,936 12 

2,000 CO 

338,445 55 

138,802 29 

15,674 74 

3,716 50 

14,637 21 

8,474 90 

73 61 

1,898 78 

182 38 

12,917 00 

709 81 

44,273 48 

1,767 21 

199,765 43 

3,780 50 

149,295 84 

28,286 26 

2,369 71 

1,363 78 

7,506 95 

368 19 

13,356 41 

5,000 00 

3,066,016 32 



$3,049,083 86 



tizedoy Google 



1826. J 



SECRETAKY OP THE TREASURY. 



FUSLIC DEBT, VIZ : 



Interest ou the funded debt - - $4,366,757 40 

Redemption of 6 per cent slock of 1813 6,187,006 84 
Redemption of Treasnry note 6 per cent. 

stock 1,479,374 82 

Redemption of exchongedBpercent. stock 

of 1812 - , . . 56,539 30 

Reimbursement of Mississippi stock - 1,624 02 

Principal and interest of Treasiuj notes 2,001 49 

Paying certain parts of domestic debt - 15 31 

Hedemplion of 7 per cent, stock of 1815 2,125 60 



823,585,804 72 



TaEASURY Department, 

Hegisler'a OMce, November 30, 1826. 

JOaEPH NOURSE, Register. 



tizedoy Google 



BEPORTS OF THE 



LANDS mtd, and moneys received for lands, fiom 1st January, ] 
to 30fA Jane, 1826. 







Aawnnl received. 








I^ndssold 












Offices. 


from Jan. 1 

10 June 90, 

1836. 


Amount re- 
ceived for 


Amount 


Total 


toils 


Pajinenls 
madeinio 
the Tisai- 






lands sold 


for lands 


ceiTcdinthe 


salaries & 


ury. 






in the first 

two qoarteis 

of 1836. 


sold prior 


first two 
^826. 


sicns. 






Acres. 




SST' : 


I3,035.6S 


$16,294 54 


$530 37 


SI6,834 91 


81.773 84 


83.704 85 


7,5TT.M 


9,413 27 


182 89 


9,654 56 


938 08 


9,542 47 


C&iciiui«ii 


5,033.3S 


6,890 35 


2,584 90 


8.875 25 


717 93 


13,364 8ft 


Obttieoihe 


8,173.56 


10,519 86 


1,710 98 


12,329 34 


631 CS 


11,068 17 


ZnwsrUlB 


16,000.31 


19,966 33 


765 01 


30,731 34 


1,001 44 


81.833 38 


WooMer 


8,234.67 


10,293 27 


1,068 45 


11,351 78 


739 34 


9.930 46 


as™; : 


ia3.71 


367 13 




367 13 


606 75 




9.031.63 


11,869 40 




11,889 40 


54*00 


9,860 70 


JeflersanviU« - 


4,l*a.88 


6,178 60 


3^30 


5,677 90 


796 86 


4,693 00 




6,761.71 


8,453 10 


333 43 


e,6TOBS 


736 75 


150 00 


Brookville 


^,640.03 


88,399 96 




28.899 96 


1,074 93 


18,792 08 


Crawfordsville - 


36,445.98 


45,557 58 




46,557 58 


1,375 64 


85,649 39 


Port WBTne 


1,034.15 


1,293 65 




1,393 66 


633 76 


3.630 01 


Kwtiskia 


947.53 


1,184 41 




1,184 41 


517 38 






1,397.77 


1,747 22 


87 41 


1.774 63 


583 97 




EdwardsTille ■ 


2,393.01 


3,99127 




8,991 27 


689 51 




Vandftlia 


548 33 


685 27 




686 37 


633 17 




PalestJne 


7,069,97 


8,863 45 




8,863 45 


79101 


9,629 15 


Springfield - 


11,001,34 


13,751 66 




13.761 66 


1,396 48 


32,547 21 


EfaroTl - 


83,677.30 


89,596 73 




29,696 73 


2,367 B3 


38,830 69 


Monroe- 


6,663.33 


8,349 40 




8,349 40 


887 35 


11,143 83 


St Loais 


6,069.75 


7,613 06 




7,613 06 


978 06 


13,859 49 


FnmkUti 


4,061.31 


5,101 64 




6,101 64 


778 60 


10,340 67 


10,658.03 


13,315 03 


73 65 


13,388 68 


571 68 


1,334 09 


Ciqw OirardeBD 


1,997.60 


3,497 31 




3,497 21 


810 15 


885 


Leiinpon 










500 00 




BalesviUe 


1,391.66 


1,614 56 




1,614 56 


776 16 


350 00 


LiUle Rock 


413-43 


516 78 




516 78 


625 91 




OiwcUiB 


399.97 


499 96 




499 96 


899 95 




Opelonaas 
New Orleans - 






510 34 


510 34 


510 06 


4,506 00 


^.09 


746 37 




746 37 


605 97 


1,768 44 


SL Helena c.h. • 










600 00 




WashingUA ■ 


3,545.59 


4,431 88 


5^41 


4,995 29 


8,097 00 


3,000 00 


Jackson c. h. • 


566.61 


694 55 




694 55 


758 58 




Cboctav district 


33,396.86 


51.971 60 




61,971 60 


1,805 81 


69,055 74 


St. Stephen's - 


13,330.12 


16,663 86 


57 68 


16,7J0 54 


784 81 


8.000 00 


Ha&iaville 


4,671.40 


6,839 32 


946 37 


6,786 49 


1.601 14 


73,011 04 




71,351.15 


133,646 72 




133,646 72 


3,503 41 


134,827 0t» 


te,.- : 


883.38 


1,103 85 




1,103 85 


376 86 


6,414 00 


12,798.42 


15,990 91 




15,990 91 


7D9O0 


164,633 16 


TaUahusee . 


7,950.00 


9,948 ra 




9,948 75 


1,466 86 






365,919.77 


511,633 80 


9.633 48 


621,367 38 


10,030 33 


768.359 28 


'I'beamoDntofpi 


ymenls made 


into the Trca. 


rary, cm ace 


onnl of public lands, 


in tbe qnanere 
As above, to ibe 


dine 30th 3<n 
Ifth June, 188 


Member, 1836 


is 




■ 9885,608 01 
- 768.359 88 




^ 


063.961 3? 



* The Cafaaba accounts bare only been receiTed (o 31sl Mardi, 1836. 
Trsasubt Dbpartment, 

Gmtral Land Office, OctiAer 30, 1826. 

GEO. GRAHAM, Commisaioner. 



. Co(.H^Ic 



1826.] SECRETAHY OF THE TREASURY. 377 



a 

STA TEMBNT of moneva received into the Tretmiry,from all aoiirees 
other than customs and public lands, from the ist January to Ike 
30th SeptetiU>er,^S26. 

From arrears of new internal reveauc - - - ^^,534 28 

new direct tax - - - 6,124 48 

old direct tax - - - - 1,514 28 

fees on letters patent - - - , 7,080 00 

cents coined at the mint - - . . 7,466 00 

fines, penalties, and forfeitures - . - 1,063 44 

surplus emoluments of officers of the customs - 33,702 81 

trading estalishnients vith the Indians - - 2,959 26 
interest on balances due by banks to the United 

States 720 73 

moneys previously advanced on account of treaty 

with Spain - - - - - 327 46 

80,492 72 
From dividends on slock in the Bank of the United 

States 402,600 00 

From balances of advances made in the War Depart- 
ment, repaid under the 2d section of the act of Ist May, 
1820 17,551 63 

» 500,544 36 

Treasury Department, 

Begistcr's Office, November 30, 1820. 

JOSEPH NOURSE, Register. 



tizedoy Google 



REPORTS OF THE 



[1826. 



STA TBMENT 0/ expendUures of the UnUed Slates, from the Ut 0/ 
January to the 30th of September, 1826. 

CIVIL, MISCELLANEOUS, AND DIPLOIIATIC, VIZ : 

L^islature .... 

Executive departments 
Officers of the mint 
Commissioners of the Public Buildings 
Surveying department 
Governments in the Territories of the Uni- 
ted States ... 
Judiciary .... 

Annuities and grants 

Mint establishment 

Unclaimed merchandise 

Light-house establishmeut - 

Surveys of public lands 

Registers and receivers of land offices 

Preservation of the public archives in Flo- 
rida . - - - . 

Land claims in Florida Territory 

Land claims in St. Helena land district 

Roads wilhin the State of Ohio 

Roads within the State of Indiana 

Roads, canals, &c. within the State of Ala- 
bama 12,968 28 

Roads, canals, ioc. within the State of Mis- 

1,385 64 




Roads, canals, &c. within the State of Missis- 
sippi - . . - 

Repairing the mail road between Jackson and 
Columbus 

Marine hospital establishment 

Public buildings in Washington 

Bringing votes for Pre^dent and Vice Presi^ 
debt of the United States 

Appropriation of prize money 

Stock in the Chesapeake and Delaware Canal 
Company . . - . 

Stock in the Dismal Swamp Canal Company 150,000 00 

Stock in the Louisville and Portland Canal 
Company . - . . 

Payment of claims for property lost, &.c. 

Payment of claims for buildings destroyed - 

Payment of balances due to officers of old 
internal revenue and direct tax - 

Payment of balances to collectors of new in- 
ternal revenue - - - - 

Miscellaneous expenses . - - 



5,888 13 

15,000 00 
37,656 50 
62,271 97 

41 75 
4,297 66 

107,500 00 



20,000 00 

258 60 

178,002 45 

35 70 

464 25 
104,744 69 



tizedoy Google 



1826.] SECRETARY OF THE TREASURY. 

Diplomatic depaitment - - - 374,136 17 

Coniiitgent expenses of forei^ inteicourse - 10,134 38 . 

Relief and protection of American seamen - 7,692 62 

Treaty of Ghent, (6th and 7th articles) - 7,500 00 

Treaty of Ghent, (1st article) - - 7,000 00 
I^ymeut of claims under the 9ih article of 

the treaty with Spain - - - 9,967 88 

Treaties with the Mediterranean povers 3,086 08 



8,029,331 66 



MILITARY ESTABLISHMENT, VIZ : 

P»y of the army - ■ -$715,762 96 

Sateistence - . - . 203,348 88 

doartermaster's department - - 272,692 15 

Porchasiog department - - - 166,624 03 

Boanties and premiums ... 5,996 70 

F(wage ..... 27,S03 90 

Expenses of recraiting - ■ - 9,157 90 

Medical department - . . . 18,901 28 

Pnrehase of woollens for 1 827 - - 10,000 00 

Busom of American captives . - 986 18 
Balances due to certain Slates, on account of 

militia ..... 6,615 03 

PftyroeDt for property lost, &c. - - 166 25 

.*rn»ries 275,117 06 

Arsenals ..... 43,166 20 

Araeoal at Vergennes . - 3,000 00 

(Woance 52,280 91 

Arming and equipping the militia - - 147,943 80 

Military Academy, West Point - 9,853 83 

Repairs and contingencies of fortifications - 3,976 86 

Annamenl of new forti&cfttions - 1,600 00 

Port Monroe .... 87,600 00 

Fort Calhoun . . . . 60,900 00 

Fort Delaware .... 18,499 03 

Fort Jackson - - ^ - - 50,940 58 

Fort at Mobile Point ■ " ~ - 89,666 45 

Port at New Utrecht Point - - - 64,830 00 

Fort at Brenton's Point - - - 66,22125 

Port at the Rigoteta and Chef Menteur - 64,912 00 

Port at Beaufort, North Carolina - - 8,345 00 

Fort at Cape Fear . - . - 26,800 00 

Fort Constitution - ■ - . 2,500 00 

Fort Bienvenue . . - - 50,000 00 

Deepening the harbor of Fresque Isle - 7,895 00 

PreservaUon of the islands in Boston harbor 19,950 00 

Rqjairs of Plymouth beach - - - 8,500 00 

ImproTing Ohio and Mississippi rivers - 8,438 25 

Sarveys, &c., of roads and canals - - 24,082 41 

(Jontinnation of the Cumberland road - 70,749 00 



tizedoy Google 



REPORTS OF THE 



Road from Ohio to Dntroit - 
Road from Missouri to New Mexico 
Road from Memphis to Little Rock - 
Road from Little Rock to Cantonment Gibson 
Survey of a route for a canal from (he Atlan- 
tic to the Gulf of Mexico ■ - - 
Road from Pensacola to St. Augustioe 
Removinif obstractions ia Huron enek, Ohio 
Removing obstructions in Cunningham creek, 
Ohio - - - - - 
Removing obstructioos in Grand river, Ohio 
Removing obstructions in Ashtabula creek, 
Ohio . - . . . 
Surveying harbor of Edgortov/n, Mass. 
Surveying Sandusky bay, Ohio 
Surveying Laplaisance bay, Michigan 
Interest due the State of Maryland - 
Interest due lo Baltimore 
Relief of sundry individuals 
Relief of officers, 6cc., Seminole war 
Contingencies . . - . 
Arrearages . . - - - 
Maps, plans, books, &c. 
Invalid and half-pay pensions 
Revolutionary pensions 
Civilization of Indians 
Pay of Indian agents 

Pay of sub-agents . - - - 

Presents to Indians 
Contingencies of Indian department 
Compensation to citizens of Georgia 
Creek treaty of 1825 
Creek treaty of lffii6 
Treaties with Osagea and Kanzas - 
Treaties with Indians iu Indiana - 
Treaties with Florida Indians 
Effecting certain treaties, per act May26, 1826 
Choctaw treaty 
General councils at Green Bay 
Claims against Osages 
Annuities to Indians 



From which deduct the following repay- 
ments: 
Surveyor the coast of the United 

States - - - . $2,586 60 

Survey of Marblehead and Holmes's 

Hole - - - - 54 76 

Purchase of Indian title to land in 

Michigan - - - 507 76 

Purchase of Indian title lo land in 

Tuscarawas - - - 63 32 



KU,107 

9,000 

904 

3,441 



1,000 00 


1,000 00 


1,000 00 


600 00 


400 00 


200 00 


Gl,e82 63 


■ 21,710 26 


76,411 12 


. 3,827 09 


. 12,601 18 


■ 21,816 97 


84 87 


. 304,702 46 


1,305,664 23 


• 1,2,784 69 


. 16,385 66 


6,621 69 


. 16,678 40 


. 140,401 44 


. 23/100 00 


• 80,813 88 


• 76,913 00 


- 18,306 18 


■ 15,000 00 


418 00 


i 80,262 29 


. 2,204 61 


. 27,000 00 


2,407 71 


- 237,841 88 


6,2A300 98 



.„Gooj^lf 



1S26.J 

Gnttnilies 
Poilifications 



SECRETARY OP THE TREASURY. 



-t4M 73 
-2,653 48 



NAVAL ESTABLiaHMENT, TIZ: 


P»y of the n«vy afloat 


- «768,263 62 


Pir of the navy shore slations 


- 142,646 69 


Pro?isions 


■ 320,7(» 94 


jkdicines and hospital stores 


21,841 64 


Bepaira of vessels - 


- 378,843 30 


Savy yard, Portsmouth 


4,112 24 


Navy yard, Charlestown - 


- 37,771 31 


Nivy yard, New York - 


- 49,296 61 


Navy yard, Philadelphia - 


- 13,639 26 


NiTy yard, Washington - 


- 24,799 81 


Stvyyard, Norfolk 


- 40,263 78 


Vary yard, Peosaeola 
GTidaal increase of the navy 


- 13,000 00 


- 663,622 10 


Oidnance and ordnance storas 


- 17,364 68 


Boilding ten sloops of war 


- 382,496 73 


HMUae for ships in ordinary 


- 42,609 76 


lodined plane dock, &e. - 


316 60 


Seperintendents, artificers, &c. 


- 40,637 66 


Uiwrers, and fuel for engine 


9,461 97 


Pnhibition of the slave trade 


- a0,469 36 


Suppreesion of piracy 


1,368 98 


C<ntiiiEBat, not enumerated, for 1824 


304 16 


Caoljngont, for 1826 


242 74 


r^liBgent, not enniueroted, for 1826 


673 88 


CantingeDt, for 1S26 


- 219,781 88 




600 00 




- 93,120 23 


Clothing for the marine corps 


- 21,983 40 


Ifedicines for the marine corps - 


248 47 


FmJ for the marine corps - 


9,321 46 


MililaTy storas for the mariiw corps 


199 S3 


CmtiaKent for the nutiue cofpe - 
Rmacfis for the nurjoe corps 


8Ja08 20 
1,000 00 



$6,266,980 93 



FroiD'Wbicli deduct the foJlowrag npay- 

meats: 

ContiBgeDt, prior to 1624 $8^716 66 

CoDtiDgeDt, for 1824 - - 6,899 13 

!(vr yards, dodn, wd wbarvM^lB43 83 



3,338,790 70 



17,4W9t 



PUBLIC DBSr: 

Imcinst oa the fimded dsbt - 3,031,848 74 

BedemiduHi of 6 pei eoDt ttoob of 1813 • 9,093,9^ 62 
Paying certain pails of domestiQ debt - 27 86 



3,S>l;3aST9 



.„Gooj^lf 



388 REPORTS OF THE [1826. 

Reimbursement of Treasury notes $307 17 

Reimbursement of Mississippi stock - 450 00 

Redemption of 7 per cent, stock - - 25 00 

$8,096,581 39 



18,714,226 66 



Trbasuby Department, 

Register's Office, November 30, 1826. 

JOSEPH NOURSE, Segisler. 



The commissioners of the sinking fund having, on the 27th of Sep- 
tember, 1826, resolved that two millions of dollars of the six per cent, stock, 
created by the act of Congress of the 8th of February, 1813, should be 
redeemed on the 1st of January, 1827, the following was the course adopt- 
ed at the Treasury to carry the resolution into effect : 

1. Alt the loan offices were instructed to transmit to the Treasury the 
numbers of the certificateB of this stock, and the names of the holders, as 
they stood upon the books of the offices, respectively, on (he 16th of Sep- 
tember, 1826 ; the bfots being always closed against transfers fourteen 
days before the end of a quarter. 

2. The amount of the whole being 811,248,389 26, composed of dif- 
ferent and unequal suras on the books of the several offices, the two mil- 
lions were made up among all the offices by taking a proportional sum for 
each. For example: the entire sum standing upon the books of the New- 
York office being ©2,225,533 49, the sum of $395,600 bore the same pro- 
portion to two milhons that §2,225,533 49 did to $11,248;389 26. The 
entire sum upon the books of the office in South Carolina being $555,149 39, 
the sum of $98,684 bore the same proportion to two millions that $555,149 39 
did to $11,248,389 26 ; and in this manner the proportional sum was fize<t 
for all the offices. 

3. All the certificates, or the numbers representing them, returned by 
each office, were then formed into as many parcels as there were offices, 
and successively put into as many boxes. As many of them were then 
drawn out from each box, by lot, as made tip the proportional amount ascer- 
tained as above to belong to each office. The holder of any one number 
or certificate thus drawn out was, fay the terms of the notice under which 
the contract for the loan was entered into, to be paid off, not only to the full 
amount of that particular certificate, bat of all other certificates of this same 
stock, of which he was the owner. 

The doctrine of chances rendering it nearly impossible to draw out in 
exact figures the sum wanted in the case of each office, the last drawn cer- 
tificate or number, in each case, was found to give an excess, in some in- 
stances greater, in others less. 

4. This excess, the a^regate of which amounted to $162,599 63, was 
disposed of thus : The whole of the numbers or certificates already success- 
ively drawn out on account of all tbeoffices, were put back again into one 



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32a) SECRETARY OF THE TREASURY. 383 

01, and a new drawing was had from amongst ihem all, for exemption, to 
be amount of the foregoing a^^r^ate excess, so as to bring back the result 
)the two millions wanted. As the last drawn certificate or nnmber, in 
«rfoni]ing this operation, proved to be a large one, it led to the opposite 
Esuli, of lowering the amoitnt below the level aimed at, by as much as 
1)7^3 58. 

To absorb this deficit, a further drawing was resorted to, from the entire 
iBssofthe undrawn numbecs, which were put into another box; and this 
Iteration terminated in reaching the sum reixutred, with only a fractional 
:wss of $2,306 71. This was deemed loo small to make it necessary to 
jxv the drawing for exemption, and the whole operation was accordingly 
'med. 

The principle of apportionment among the difierent offices was believed 
ube the most proper mode of paying off the sum in question. It was alike 
jful to the stockholders, and tended to produce payments more equal 
iiDi^out the diflerent States, than if the drawing had taken place from all 
lecertificates representing the whole sum of $11,243,339 26 thrown into 
'common mass. 

The drawing of the lottery commenced on the 29th of September, and 
nscompleted this day'. The delay was owing to the Banks of the United 
>u» at Philadelphia and Boston (acting as loan offices) not having made 
""im of the certificafes standing on their books in due time ; those from 
■J»lbriner not having been received until the 3d instant, and those from the 
ittinot until yesterday. It had, otherwise, been intended to complete the 
-^Tiogof the lottery on the 29tb of September, and igsfie the notice to the 
;<^c creditors, to be paid off by its decision, on the lost day of the quarter. 
RICHARD BUSH. 

TsEAsuRY Department, 

, October 12, 1826. 



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REPORTS OF THE 



ST A TEMENT of the debt of the United iStates, t 
1825. 



the 1st of October, 



Three pet cent, stock $13,296,231 46 

Six per ceni. stock of 1813 (loan of 16 mil- 
lions) 312,403,051 66 

Six per cent, stock of 1813 (loan of 71 mil- 
lions) 5,462,884 46 

Six per cent, stock of 1814 - - 13,096,642 90 

Six per cent, stock of 1815 - 9,490^9 10- 

Fife per cent, stock (subscription W 
Bank United States) - - - 7,000.000 00 

Fivepercent. stock of 1820 - - 999,999 13 

Five per cent, slock of 1821 - - 4,785,296 30 

Exchanged five per cent, stock of 1822 - S6,704 77 

Funded 41 per cent, stock, per act Of the • . 

24th May, 1624, (Florida loan) • - 6,000,00ft 00 

Funded 41 per cent, stock, per act of the ^ 

aeth May, 1824 - ■ - 5,000,000 00 

Exdianged 41 per cent, stock of 1824 - 4,454,727 95 

67,689,306 27 

(^ , »80,985,637 72 

Treasury Departmekt, 

Register's Office, November^, 1826. 

JOSEPH NOURSE, Register. 



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132S.I SECRETARY OP THE TREASURY. 385 

No. 2. 

STATEMENT of the debt of the United Slates on the \st January, 
1826. 

pree per cent. Stock - . - . - $13;396,231 46 
ia. per cent stock of 1813 (loan of 16 

ffliilions) - - . . 811,254,197 46 
Sir per cent, stock of 1813 (loan of 7^ 

millions) .... 6,062,402 50 

Siipercent. slock of 1814 - - 13,096.542 90 

Sii per cent, stock of 1815 - - 9,490^099 10 
fire per cent, stock (snbscription to the 

Bank of the United States) - ■ 7,000,000 00 

fl™ per cent, stock of 1820 - - 999,999 13 

Rre per cent, stock of 1821 - - 4,735,396" 30 

Eichanged 5 per cent. stoCk of 1822 - 56,704 77 
funded 4J per cent. sTpck, per act of 

21lh May, 1884 {Fjoiida. loan) -. 6,000,000 00 

fniHted 4^ per cent, mock, per act of 26th . 

Hay, 1824 - - - - 5,000,000 00 

ucbanged 4i per cent, stock of 1824 - 4,454,787 95 

r..L , 'J percent, stock of 1825 - 1,539,336 16 



Etcbanged 4i p 
Ranged 4| p 



f> 



67,689,306 27 
80,985,537 72 



Treasury Departuent, 

Reffister'a Office, Novembeh 30, 1826. 

JOSKPH NOURSE, Rtgalr. 



Vol. 11.-35 

D„t,i.a,G00glt' 



38fi REPORTS OF THE [1820. 

No. 3. 

STATEMENT of the debt of the UnUed Stales on the \st October, 
1826, and on the lat January, 1827. 

Three per cent, slock ---..-- $13,-13G,aiT "a 

8i» per cent, siocb of lfll3 (loM of 16 millioDs) - .«n,a&4,197 *i 

Six per cenL stock of IHU ..... I3,096,M4 90 

Bii per ceal. slock of I8I» 9,490,099 10 

Five per ceni.taock(suhscripkmli> Bank of DnitedSuues) - 7,000,000 00 

Fii-e per ceni. slock of 18-20 999,999 13 

Five per cenl. sbx:k of 1B31 4,T35,:i96 30 

Eichaaged 5 per ceoL stock of 182!! - - . . 5G, .04 77 

Fnnded 4t per ceoc. stock, per act of S4lii lUay, 1804 (Floiida 

loan) 6,000,000 flO 

Funded 4| per cent, stock, per act of S6<h U*j, ISM - . 5,000,000 0» 

Exchanged 4t per cent, stock, per act of 2G(h Uav, ISit 4,454,7^7 S5 

Eicbemeed 41 per cent. Slock of 1835 - - - . 1,539,336 16 *■, 

6B,C28,903 71 

'S,9-^I61_47 

Annrmt of the debt of the United States, per the forcEoiiiK UMemeiit No. I, 
and per statement No. 3, which accoiDi«nied the rqtoit vi the Secretary of 
the Treasury of 22d December, 1825 . - - .. . ^,9k5,S37 7'i 

Add stock issued in the first ijaarier of ISB6, vit ■■ 
Three per cent, stock .... - »K! 25 

Bichaneed 41 per cent, aork of the 3d March, VSSa, in lieu , 

of 6 per cent. Slocks of 18i3 - - - - l,53?>,33filC 

1,539,3.^-3 11 

»->,!J34.890 13 
Deduct stocks sarreudc|N, a&d paymeDi* on account of the principal of the 
iebl, tie: v. 

8ii per ceDt. slock surrendered, and for which exchanged 
4( per cent, stock was issued in lieu, under liie act tif 
the 3d March, 1825, of the 16 raillion loan - - Sl,M8,a->) 20 

Sixper cent, stock surrendered, and for which exchanged 
41 per cent, stock was issued in lien, under the act of 
the 3d March, 1825, of the 7| million loan • - 390,481 9G 

1,539,336 ir> 
Payment of the residac of the 71 million loan on the 1st July, 

1K6 5,063,402 50 

6,001,738 m 

Amonnl of the debt, as above, on Ihe Ist October, 1836 - - - 75,933, 151 47 

From which deduct the amount proposed to be paid off on the ialJannarjf, 1827 2,00-:j,306 "1 

Leavingibearaountofthedebton tbe Isi Janaary, I8'i7 173,930,844 71; 

Treasury Defartmekt, 

Registtr'a Office, November 30, 1826. 

JOSEPH NOURSE, Register. 

W«e.— Theamonntof thesixper cenl. stocks of 1813, exchanged under Ihe acloflheSiI 
March, 1835, wasstaled, last year, by estimate, at 91,585,138 88: the accomiu of the coinmit- 
skmers of loBnn have since been ad}iisted,and thetroeamoaniaaoertained tobe91,!i^,33C 16' 
one moieiy mhereof, or S769,668 08, ia redeemable in 1829^ the other in 1830. 



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SECRETARY OF THE TREASURY. 



ESTIMATED AMOUNT of Treasiiry notes outstanding on tite Ut 
■of October, 1826. 

Taul antaunt issued, as per No. 4, of (he lust report - $36,680,794 00 
CiDcelled aod reported oa by ibe First Auditor - - 36,665,754 00 

Ootslanding ..... $15,040 00 



fjxmtw of small Treasury notes - $2,240 00 

Notes bearinc interest - 12,800 00 

$15,040 00 



Tie&suRT Departuent, 

Register's OJice, Novtmber 30, 1826. 

JOSEPH NOURSE, Renter. 



No. 5. . J 

^iTEMENT of the stock issued under the act of Congress ejitUkd 
'An act supplemenlarf/ to the act for the iiidemnification of certain 
' liaimants .if public lands in the Mississippi Territory, passed on the 
WJI/oreJ, 1815. 

^"wunt «" claims awarded, per statement No. 5, of last 
reporr $4,288,161 12^ 

^■eof there was paid ii. for lands, per said report - $2,447,535 39 
^Tiienis at the Treasury to the 30th September, 1825, 

Ptrsaid statement ■ - - $1,826,765 66 

firmenisfrom 1st October, 1825, to 30th 

«plembcr, 1826 - - - 4B0 00 

1,827,216 56 

Balance outstanding on the Ist October, 1826: 

Testing of cenificates outstanding - 7^66 67 

iMj not applied for - - - 44 60i 

7,400 17i 

$4a8i ,151 12^ 

■MiavET Department, 

Register's ^(^ Ntwembtr 30 1826. 

*OSEPB JWURSE, Rpgisler. 



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KEPORTS OP THE 



REPORT ON THE FINANCES. 

DECEMBER, 1827. 



In obedience to the net mnliing it the duty of the Secretary of the Treas- 
ury to "lay before Congress, nt the commencement of every session, a re- 
port on the subject of finance, contain lug estimates of the public reveiine and 
public expenditures, and plans for improvitig or increasing the revenues 
from time to time," the Secretary proceeds to the task whicii that duly en- 
joins upon him. 

It is satisfactory to be able to state, tn the beginning, that the revenne 
accruing for the current year is likely to exceed, rather than full below, 
that of trie last. This is the more satisfactory, when considered in connex- 
ion with the fact of the unusually large importationsjjf foreisfu merchandise 
in 1825. The importations for that year having greatly exceeded their 
average value for many years precedinor, n subsequent reduction in their 
value had been looked to, under analogous facts heretoiore occurring in the 
foreign trade of the country. This has proved to be less the case than 
might have been anticipated. Although the importations for the year end- 
ing OD the 3Uth of September last are believed to htkve been less than 
for the year ending on the same day in 1826 ; those for 1S27, commenciDg 
on the 1st of January, and ending with the close of the present month, wiU, 
in all probobility, be greater. It is on the year, calculated in ihe latter way, 
that the annual revenue from thccusloms is estimated. Tht impottaticns 
for Ihe third quarter of the present year have been large, owing to the 

Suatitity of woollen goods which they embraced. If this, on the one hand, 
as been a cause specially operating to augment the entire importaiioos of 
1827, there are circumstances, connected with other branches of the foreign 
trade, that have been specially in operation to diminish them. The opinion 
may reasonably be entertained, founded ontheseand other consideratioite, that 
the re-action, under the heavy importations of 1825, has arrived at its close. 
Aside, therefore, from unforeseen events, the importations for the next year, 
on which the revenue so mainly depends, under the present system of 
finance, may be expected to prove sufficiently ample for every ordinary finan- 
cial purpose. The actual receipts into the iWsury, dnring the current 
year, have been less, in particulars that will be presently slated, than the 
sum at which they were estimated. They have been sufficient, however, 
with the balance in the Treasury at the commencement of the year, to meet 
every appropriation for the service of the year, including the sum of ten 
millions on account of the public debt. 

As tiie state of the public debt, and manner in which the process of ex- 
tinguishment goes on, from year to year, is a subject on which the nation de- 
sires and expects to receive accurate and full information, it will be exhibit- 
ed to Congress, in the first instance, upon the present occasion. 1 he ezposi* 
tton of this subject will be given in connexion with a short retro pect. 

Fiomthe Ist JanuBry,1625,to Ihecloseof thepresentyear,lher< will' ave 
been applied to the principal of the public debt the sum of ^1..2^ 7,210 93 ; 



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irf37.] SECRETARY OP THE TREASURY. 389 

tsd paid, on accmint of interest, the sum of $11,863,445 20: making 
itolalof j^3,l()0,(i56 13. Of the applications on acconntof theprinci- 
pa) during ihese years, $7,725,034 88 were made in 1825; $7,064,709 21 
la 1S26; and $6,507,466 84 will bave been made by the close of 1827. Of 
iiie[irecediDg sum of $31,297,210 03, it ia proper to state that a portion of 
it, m: $5,000,000, was borrowed under the act of the 26th of May, 
iM, at an interest of four and a half per cent., to pay oS an equal portion of 
debt standing at an interest of six per cent. Tlie aegregnte amouot of tha 
pnblic debt on the 1st of January, 1S25, was $83,710,572 60. To this 
HDst be added the stock, amounting to five millions, at four and » half per 
1^1, created by the above act, but which was not issued until afler the com- 
HKDcemetit of 1825, and a small amount of three per cent, slock that was 
nbsequeiitJy issued, viz: $16 25, making the whole of the public debt, in 
1j25, gS8,71ll,5S8 65. The aggregate amonnl at which it will stand on 
te 1st of January, 1838, wiTl be $67,413,377 93. The whole of ihe 
Sl^7,210 93, applied to the principal of the debt in the three yeais men- 
toaed, have gone towards the i-ednction of the six per cent, stock. Five mil- 
Wof this sunt having been replaced by the stock at four and a half per 
fliL issued under the act of the 26th of May aforesaid, are of course again 
"be ranked aa part of the debt. Ii follows, that debt, in six per cent, stock, 
!>tlie amount of sixteen million two hundred and ninety-seven thousand 
iVDhuiidred and ten dollars ninety-three cents, will have been absolutely ex- 
'o^uishbd in the course of these three year?, by the surplus moneys of the 
Treasury, in addition to $11,863,443 20 paid as interest. It also follows, 
'tiauweuly-one million sixty two thousand three huBdred and thirty-two 
iJiars seventeen cents, in principal and interest, will nave been applied to 
ilie public debt during the years 1826 and 1827, out of the means of the 
Treasury, without any assistance whatever from loans. This is an amount 
?fwier than was required to be applied to it for these two years by the ob- 
i^lions of the sinking fund act. 

It will be satisfactory to Congress to know, that, during the three years in 
ioesiioa, besides these payments made on account of the debt, and all other 
syinftDts to nneet the aiiuuLilexpenses of Government, large sums have been 
fplied to objects wearing a character neither temporary nor annual. By 
lieseare meant— internal improvements, in the form of subscriptions to ca- 
'^ ; and appropriations for otherwise opening and extending inlercourse 
"•"Wighoui the country ; forlificattous and armories; ships of war, oavtd 
''*'is,and other establishments connected with the navy; public edi&ces of 
^ous descriptions, whether for purposes marine or civil; arming the mili- 
'■>; the purchase of lands from the Indians, and other expenses belonging 
to this department of the public service. On such objects, and others Kin- 
^to them, the expenditures during these three years have reached a sum 
I'tle short of twelve millions of dollars. A nation that, after providing for 
'Je regular support of its Government, is seei] to proceed in this manner in 
'^ payment of its public debt, and in additional disbursements so consider- 
ate, for which equivalents remain, that for the most part are of permanent 
I'lliie to the nation, cannot be r^arded as other than prosperous in its finait- 
cid cwidiiion. 

That the exact situation of the whole funded debt at this time may be 
»eD, the several parts of which it consists will be distinctly set forth, for 
"M full information of Congress. 



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390 REPORTS OF THE [182T. 

Its lolal amount, on the 1st of October last, wos (statement No 1> 
#60,913,541 08. This8um comprehends the old revoltitionary three pw 
-wnte, amounting to $13,296,247 70, redeemable at the pleasure of the 
Government; and the seven millions subscribed to the Bank of the United 
Stales, also redeemable at the pleasure of the Government. 

The residue of the debt was contracted after the commencement of the 
war of 1812, and consists of various loans and stocks, created ai>d redeem- 
able at periods as follow: 

1. The sum of $4,244,587 07, at six per cent, being the residue un- 
paid of the loan under the act of the 8th of FebrHnry, 1813, and redeem- i 
able in 1^26. The amount authorized to be borrowed under this act was | 
sixteen millions. For this sum, certificalee of stock issued to the amount | 

*of $18,109,377 43, a premium having been given to the lenders. Of this , 
amount there remain unpaid, as above, $4,244,587 07. i 

2. The sum of $13,096,542 90, at sis per cent., being the residue un- 
paid of loans made under the act of the 24th of March, 1814, and redeem- 
able in 1827. The amount authorized by this act was twenty-five millitms. i 
Of this amount there was borrowed, under loans contracted in 18(4, the snni 
of $12,942,423 26. For this sum, certificates of stock issued to the , 
amount of $16,108,014 43, under a premium to the lenders, as above, of , 
which there remain unpaid of the loan contracted on the 2d day of 
May, in that year, $8,507,866 36; of Uiat contracted on the 22d of Angqst, 
$1,050,780 77; and of oilier smaller loons, contracted under th« act, in the 
course of the same year, $537,895 77; making, in thowhote, $13,096,542 90 
as first above stated. 

3. The sum of $9,490,099 10, at six per cent., being the residue un- 
paid of the loan under the act of the 3d of March, 1815, and redeemable 
in 1828. This act authorized a loan of eighteen million four hundred and 
fifty-two thousand eight hundred dollars. There was borrowed under it 
the sum of $11,699,326 63, principally by the funding of Treasury notes, 
and certificates of stock issued to the amount of $12,288,147 56, of whicti 
there remain unpaid, as above, $9,490,099 10. 

4. The sum of $769,668 08, at an interest of four and a half per cent., 
being one half of the six per cent, stock of 18(3 exchanged under the act 
of Congress of the 3d of March, 1826, and redeemable in 1829. 

5. The sum of $769,668 08, at an interest of four and a half per cent., 
being the other half of the six per cent, stock exchanged as above, aod re- 
deemable in 1830. 

6 The sum of $18,901 59, at five per cent., being one third part of the 
snm of $66,704 77, issued in exchange for six per cent, slock of 1813, 
1814, and 1815, under the act of the 20th of April, 1822, and redeemable 
in 1831. 

7. The sum of $18,901 59, at five per cent., being one other third part 
of the sum subscribed as above stated, and redeemable in 1832. 

8. The sum of $10,000,000, at four and a half per cent., being stock 
created under the acts of the 24th and 26th of May, 1824, for sums borrow- 
ed of the Bank of the United States, one-half to pay ihe Florida claims, the 
other half to pay off the six percent, stock of 1812, and redeemable in 1832. 

9. The sum of $999,999 13, nt five per cent. , being stock created by the 
act of the 15th of May, 1620, and redeemable in 1832. 

10. The sum of $18,901 59, at five per cent. , being the remaining third 
subscribed under the net of the 20th of April, 1822, and redeemable in 1833. 



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ISar.] SECRETARY OP THE TREASURY. 391 

11. The Slim of $2,227,363 97, at four and a half per cent^ being one 
hJf of the amount subscribed in exchange for six per cent, stock of 1813, 
under the act of the 26lh of May, 1824, and redeemable in 1833. 

12. The sum of $2,227,363 98, at four and a half per cent., beine tlie 
niheihalf subscribed under the act last above stated, and redeemal^e in 
1834. 

13. The sum of $4,735,296 3(1, at five per cent., beiftg the amount of ' 
*>cic issued under the act of the 3d of March, IS21, and redeemable in 
1335. - 

The foregoinor enumeration gives the aggreijate of $68,913,541 08, staled 
js ihe amount of the debt on 1st of Octol>er last. 

Of this aggregate, it may not be inipropcr here to slate, that g49,001,215 36 
ae owned in the United Stales, and $19,912,325 72 by forei^iers. 

i payment beinc; about lobe made, on account of the principal of the 
Jebt, at tlie close of the present year, in addition to one that was made in . 
Joly, its total aggregate amount, on the 1st of January, 1828, will be 
*67,413,377 92. 

To make up this aggregate, all the items exhibited in the foregoing view 
of (lie whole debt are in:luded. But the whole together gives the nominal 
tatliei than the real amount of the debt. Its real amount on the 1st of Jan- 
i»ry, 1828, will be but a fraction above sixty millions. The sum of seven 
millions subscribed by the Government to the Bank of the United States, 
a in effect, destroyed as debt, by the United States owning an equal amount 
in Ihe shares of the bank. So far is this sum from being any charge upon 
l!ie Treasury, that the Treasury is annually receiving interest for it, in the 
dividends upon the shares. Whenever the latter are sold, they may at 
le»st be expected to replace the sum that was invested in them. The old 
lerolmionary three per cents, too, have now existed nearly forty years. By 
ifie provisions of the sinking fund net, this slock can only be bought up and 
^n(;iiished by the Government, when the price shall fall to sixty-five dol- 
'ais for every one hundred dollars. This, in all probability, will prevent, 
for some time to come, the $13,296,247 70, of which this 'stock consists. 
Iwngauy charge upon Ihe resources of the nation, so far as paying off the 
Principil is concerned; as it would be difficult to say when the obligation 
'" pay it off will attach, under the above act, or when it conld otherwise be 
^ne with full advantage to the public. It is many years since this stock 
liJS been as low as sixty-five dollars for one hundred, and there is no present 
pwspect of its falling so low. The portions of the debt, therefore, which, 
>iDd^ tfae existing enactments of the law, can alone be met by an annual and 
Pertained process of extinguishment, unless the three per cents should be 
P«idoffatonehundred, cannot be computed at more than $47,117,130 22. 
" is plain that this amount is rapidly hastening to extinguishment. If the 
Inited Slates continue at peace, (and there is, happily, no present prospect 
of ib interruption,) their debt must, in a few years more, disappear. The 
*w obligations which will devolve upon the national councils, in reference 
^ Ibe pecuniary resources of the country, when liberated ftom large annual 
payments on account of the debt, the wisdom of those councils will, at the 
t^pfir season, know how to estimate. 

It remains to make known, in conclusion, under this head, the operations 
"»4 at the Treasury upon the public debt, since the adjournment of the last 
»ssiou of Congress. 



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392 REPORTS OF THE [1827. 

In the last annual report from this department, a loan to the amouDt of 
sixteen millions, at an interest not to exceed five per cent., was recom- 
mended. The object of such a loan was to pay off a portion of the debt, 
equal to sixteen millions, bearing an interest of six per cent. No law to 
this effect having passed, it became the duty of the department to proceed 
in the work of paying off the six per cents, as far as the means of the Trea- 
sury would allow. Accordingly, on the 1st of July, the sum of 5,007,303 yV^ 
dollars was paid on account of the six per cent, loan created by the act of 
the 8th of February, 18)3. By the decisiou of the commissioners of thu 
sinking fund, in September, it was agreed that the further sum of 1,500,000 
dollars should be paid, on account of the same loan, at the terminaliouof the 
present quarter of this year. Public notices have been issued in conformity 
with this decision, and are now outstanding. A small fraction over the BUm 
is included in the notice, the terms of the loan having rendered it necessary 
that the certiEcates to be paid off should be fixed upon by lot, and the last 
drawn Dumber in this instance, as in the payment of July, having given the 
fractional excess. The manner of drawing the lots, having been minutely 
described in a paper annexed to the last annual report, will not here be re- 
peated. In deciding upon the further payment of 1,500,000 dollars, the 
. commissioners had due reference to the 4th section of the sinking fund act 
of March 3d, 1817, which declares, that "whenever there shall be, at any 
time afler an adjournment of Congress, in any year, a surplus of money in 
the Treasury above the sums appropriated for the service of such year, thu 
payment of which to the commissioners of the sinking fund will yet leave 
in the Treasury, at the end of the year, n balance equal to two millions of 
dollars, then such surplus shall be, and the same is hereby, appropriated to 
the sinking fund, to be paid at such times as the situation of the Treasury 
will best permit." But this provision was not viewed as creating any ob- 
stacle to the decision. The construction and practice at the TreasurVj 
since the passage of the act, have invariably been, not to consider the above 
provision as aUoching, so long os any part of the ten millions remain unap- 
plied to the debt; this sum being considered, under the very object and terms 
of the act, OS a standing appropriation for the service of the year. 

No further remarks are deemed necessary at this time, in relation to the 
public debt. Should the laws respecting it remain unchanged, payments ou 
account of the principal will continue to be made throughout the ensuing 
year, in such ways as the obligations of the laws direct, and the means of 
the Treasury may best allow. 

PUBLIC REVENVE AND EXPENDITURE OF THE TEAR8 1826 AND 1827. 

The nett revenue which accrued from duties on imports and 

tonnage, during the year 1826, amounted (A) to ®20,248,054 30 



The actual receipts into the Treasury from ail sources, du- 
ring the year 1826, amounted to - - $25,260,434 21 
Viz. 
Customs, (statement A) ■ ■ 23,341,331 77 
Public lands, (statement D) - - 1,393,785 09 
Dividends on stock in the Bank of the 
United Slates, arrears of internal du- 
ties and direct taxes, and incidental 
receipts, (statement E) - - 500,228 90 



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L82J.] SECRETARY OF THE TREASURY. S93 

Repaymeots of advances made in the War 
Department, for services or supplies prior 
to the Isl of July, 1815 • - $25,088 45 

Uaking, with the balance in the Treasury on the 1st of 
January, 1826, of - - - - - $5;201,650 43 

-In aggregate of - - - - - - 30,46^,084 64 

The actual expenditures of the United Stales, on all ac- 
counts, during the year 1826, amounted (statement F) 

to - - 24,103,398 46 

Viz. 

(Sril, diplomatic, and miscellaneous - $2,600,177 79 

Military service, including fortifications, 
ordnance, Indian departmenl, revolu- 
tionary and military pensions, arming 
the militia, and arrearages prior to the 
1st of January, 1817 - - - 6,243,236 03 

\aval service, including the gradual in- 
crease of the navy - - - 4,218,902 45 

Pnblic debt .... 11,041,U82 19 

leaving a balance in the Treo-sury, on the 1st of January, 
1827, of 6,358 , 686 18 

The actual receipts into the Treasury, during the first 
three quarters of the year 1827, are estimated to Ijave 

amounted to $17,438,810 07 

Viz. 

Customs - - - $15,142,692 68 

Public lands, (statement G) - - 1,212,01129 

Dividends on stock in the Bank of the 
United States ... - 420,000 00 

.Arrears of internal duties and direct taxes, 
and incidental receipts, (statement H) - 681,661 12 

[ThU item iuclades the sum of 60-2,480 dollars, hs Ibe 
first moieiy of & sum paid by Ihe British Govera- 
menl, by vinue of a convention under Ihe first 
Article or the treaty of Ghent, for slaves carried off 
bj British officers, in contravention of that treaty ; 
which Slim, 83 it is paid out to Ihe American claim- 
mis, by Treasury warratita, in the usual form, has 
a place among the actual receipts ofihe year, ihoudi 
nojMrtorihereveDQe.J 

R^yments of advances made in the War 
Department, for services or supphes prior 
to the 1st of July, 1815 - - 32,344 99 

Aitd the actual receipts into the Treasury, during the 
fourth quarter of the year, (including the other moiety 
of the sum explained as above,) are estimated oX • 5,117,480 00 



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394 REPORTS OF THE [1827. 

Makin? the total estimated receipts into the Treasury, 

during the year 1827 $32,606,290 07 

And with the balance in the Treasury on the Slst of De- 
cember, 1826, of 6.358,686 IS 

An aggregate of . . . . , 828^964,976 25 

The expenditures of the first three quar- 
ters of the year 1827, are estimated to 
have amounted to (statement I) - $17,899,390 96 

Viz. 

Civil, diplomatic, and 
miscellaneous - $2,013,520 47 

(This jieminclades 8204;i9-2 83, 
pud to Lhe American cIildi- 
Bnls, onder Ihe GrsI article of 
the treanr of Ghent, in vinn« 
oravardsduly madeiu their 
favor.] 

Military service, includ- 
ing fortifications, ord- 
nance, Indian depart- 
ment, revolutionary and 
military pensions, arm- 
ing the mihtia, and 
arrearages prior to the 
1st of January, 1817 - 4,760,27115 

Naval service, including 
the gradual increase of 
the navy - - 3,458,575 91 

Public debt, viz. 
Reimbursement of prin- 
cipal - - 6,007,303 68 
Payment of interest 2,666,719 75 

And the expenditures of the fourth quar- 
ter are estimated at - - - 4,800,000 00 
Viz. 

Civil, diplomatic, and 
miscellaneous - $673,243 42 

[This ilcm includes S93,687 67, 
as atBonnt uf airaids, under 
the Ant article of the treaty 
of Ghent.] 

Military service, inclnd- 
ing fortifications, ord- 
nance, Indian depart- 
ment, revolutionary and 
military pensions, arm- 
ing Ihe militia, and ar- 
rearages prior to the 1st 
of January, 1817 - 900,000 00 



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1827.] SECRETARY OF THE TREASURY. 

NaTol service, including 

the gradnat iiicreaso of 

the navy - . |J875,000 00 

Public debt, viz : 

Reimhiirsement of prin- 
cipal- - . 1,600,163 16 

Payment of interest - 852,593 42 

tfaking the total expenditure of the year 1827 

And Jeaving in the Trensurj', on the 1st of January, 
1828, an estimated balance of - - - - 

It will be observed, from the above statements, that the receipts into the 
Treisury, from all sources, in 1826, were $25,260,434 21. The sum at 
which they were estimated in the annual report of 1825 was $25,500,000. 
Frwn the statements and estimates applicable to 1827, it will also he observ- 
aj, that the sums received, and expected to be received, from all sonrces, 
daring this year, (apart from the moneys paid under the treaty of Ghent,) 
will amount to 821,401,330 07. The amount at which they were esti- 
HBtf^d, in the annual report of 1826, was $23,150,000. It is therefore ex- 
pected that the entire receipts of 1827 will be $1,748,669 93 less than the 
fstimates presented in 1826. 

Of this difference, upwards of 8400,000 were caused by postponements in 
ihe sales of the public lands. The estimate in 1826, of receipts from this 
source for 1827, was fixed at two millions of dollars. This was founded, 
in part, as stated in the report, on expected sales of a considerable quantity 
of relinquished lands in Alabama. These sales havinp been postponed until 
1828, the amount which it was anticipated they would yield should there- 
fore be stricken from the estimate. With this deduction, the amount pro- 
duced by the sales of the public lauds in 1827 will be found to correspond 
»ery nearly, in ail other particulars, with the estimate. 

The remaining difference has been in the customs. This has proceeded 
from the uncertainties that attend all estimates of the revenue depending upon 
fbreigri commerce— itself ever uncertain. These estimates, whether given 
by this department, or by committees of Congress, specially acrullnizing 
them under all the lights attainable, have often, neretorore, from causes im- 
possible to have been foreltnown, been disappointed by the result. The 
disappointment has sometimes been upon a larger, sometimes upon a smaller 
scale. Such estimates can, therefore, on no occasion be regarded in any 
fither light than as an approximation to that sum, always de.'^irable to be 
known, but rarely, if ever, in a long series of years, foretold with precision. 
The estimates presented for 1827 were formed upon bases which had the 
sanction of past experience in giving reasonable promise of a fair approach 
10 the true result. Whilst, on the one side, expectations of a redundant 
income should not be too confidently indulged, it becomes a duty, on the 
other, not to estimate the receipts below the amount which the usual proba- 
bilitiee seem to warrant, lest the public service should be stinted in any use- 
ful particular by the restrained appropriations of Congress. The importa- 
tions for 1827, taking into the account the calendar year, will, it is believed, 
as before intimated, exceed the importations for 1826. But those for the 
first (wo quarters of 1827 hare been very small. Had they borne the same 



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396 REPORTS OF THE [1827. 

proportion to those of the last two quarters, that the importations of the first 
two quarters bave borne to those of the last two, on an average of five years 
precedino:, the actual receipts into the Treasury from the customs iu 1827 
would have beon larger. This effect would have grown out of (he terms of 
credit allowed ou duly bonds. By these terms, a portion of the payments 
always falls due within the year, on importations made during the first six 
months of the year. The average importations for the first six moDlbs, 
during five years that preceded 1827, were larger than those for the 
last six months. For 18^7, there is every probability that this ratio ol 
importations, on the time of the whole year, will be reversed. It is 
so, as far as yet ascertained. We are reminded, even by the experience 
of recent years, of the frequent vuriaiions between the aniicipalions 
and the issue in (his pnrt of our fiscal system. In 1817, the eMiniated re- 
ceipts from the customs were 24,0<10,OUO dollars, and the actual receipts 
26,283,348 dollars. In 1818, the estimated receipts were 20,000,000 dol- 
lars, and the actual receipts 17,17ti,385 dollars. In 1819, 1820, and 1821, 
the estimates from the same source were successively given at 21,000,lX)0 
dollars, 19,000,000 dollars, and 14,000,000 dollars. I'be sueqs successive- 
ly received were, 20,283,608 dollars, 15,005,612 dollars, and 13,004,447 
dollars. These disappointments sprtmg from supervenient causes, the 
means of knowing which did not exist when the estimates were made. 
There have been, at other epochs, differences much more considerable, 
which need not be detailed ; yet it may not be irrelevant to the purpose of 
setting forth the inirinsic uncertainties of this brauch of revenue, to add, 
that for the last of the years here indicated, after the estimate had been given 
in from the Treasury at 14,000,000 dollars, the proper committee of one 
of the branches of the legislature, thinking it too low, raised it to fifteen 
millions. The receipts for that year (1S21) scarcely exceeded thirteen mil- 
lions, as already stated. The allusion to these facts would be incomplete in 
its purpose, without the further retnark, that the affairs of this departtnent 
are well known to have been conducted with great general accuracy during 
the years mentioned. 

T'he balance of $6,269,585 29 that will probably be in the Treasury on 
the 1st of January, 1828, will be subject to the following charges : 1. The 
balance of unapplied appropriations which will remain to be satisfied after 
the 1st of January, 1828, estimated at $3,990,000. 2. About one million 
of dollars, in funds that cannot be considered as effective, being made up of 
debts due from banks in several of the States, heretofore used by the Gov- 
ernment as banks of deposite, or the notes of which were received whilst 
payments in specie were suspended. As was stated in a former report, the 
recovery of these debts, though measures to that end are in train, must, in 
many instances, be regarded as doubtful, and will probably be slow in all. 
3. The sum of $817,880, being the amount which it is believed will re- 
main unpaid of the moneys received under the first article of the treaty of 
Ghent. 

ESTIMATE OP THE PUBLIC REVENUE AND RXPESDITORE FOE 1828, 

The value of importations into the United Slates during the year eodiog 
on the 30th of September last, is estimated at eighty-one millions of 
dollars. The exportations for the same period are estimated at eighty mil- 
lions. When the more exact statistical returns for the year are laid before 
Con^ss, as they will be in the course of the session, it will be perceived 



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1827.] SECRETARY OP THE TREASURY. 397 

that there has been a dimintition in the imports from China, during the 
present year, as compared with the past ; the diminution bos been very 
considerable, both in teas and silks. This fact will show, in the end, the 
greater excess of importations from Europe during the present year, whence 
our foreign manufactures are principally derived. The fourth year is now 
ID profrress since the passage of the act of Congress augmenting the dntjes 
Ml imported merchandise ; we are, therefore, at a point enabling us to speak 
on grounds more authentic than hitherto of the effect of that act upon the 
ibreign commerce of the iintion. By comparing the time that has elapsed 
since its operation with an equal portion of time that preceded, it appears 
that both the imports and exports have, in the aggregate, increased. They 
stand tlius : total value of importations for the years 1822, 1823, and 1824, 
two hundred and forty-one millions of dollars ; total for 1825, 1836, and 
1827, two hundred and sixty-two millions : total value of exportalions for 
the three former years, two hundred and twenty-two millions ; total value 
for the three latter years, two hundred and fifty-seven millions. Fractions 
are dropped both ways. The result is not effected by the re-exportations 
of forei^ merchandise for the same lim'!, which bear a proportion, as nearly 
as may be, equal, on the basis of importations for the two periods. It will 
be understood that, in these statements of importations and exportalions for 
aterm of six years, those for 1827 are given by estimate only for a portion 
of the year; but it Is not believed thai there will be any sttch change Jn 
ihem as to shake the general results. The articles of domestic manufacture 
exported in 1837 arc estimated at upwards of seven millions of dollars ; a 
som greater than that to which they have ever before amouuted in any 
one year. 

A tariff of duties xipou foreign productions may, without doubt, be so 
raised as to affect injuriously the interests of foreign commerce. To sup- 
pose that the tariff of the United States, established by the act of May, 1824, 
IS at such a pitch, would be contrary to analogies afforded by the history 
of other commercial nations, and, thus far, to the experience of our own. 
It is believed, on the contrary, that its rates might be augmented in import- 
ant particulars, without hazarding any such consequences to foreign trade 
in its ultimate course and aggregate volue, and that a true national policy 
dictates their augmentation. The increase of our imports and exports, since 
the tariff of 1824, becomes the more striking, from the consideration that, 
in 1826, there was witnessed in Europe an extraordinary depression of 
prices. This was followed by a proportionate stagnation in all the opera- 
tions of purchase and sale. The evu assumed a magnitude, productive, id 
that hemisphere, not only of great individual suffering, but of anxiety in 
Governments. It was at such a moment that we began to reap the benefits 
of the profitable turn given to a portion of the industry of our own country 
by the provisions of the tariff. Had it not been for the demand of our own 
manufacturers for some of the agricultural staples oi the country, the pre- 
sumption is authorized that the fall of prices in Europe at that period would 
have been differently felt by our agricultural classes here. Similar occur- 
rences abroad had, on former occasions, been followed by pecuniary losses 
in this country, much more extensive and formidable. The increased num- 
ber of artisans within our own borders, and greater scope of their operations, 
evidently tended to leave the agricultutist less exclnstvety dependant upon 
foreign markets than'if Uie latter had been his sole reliance. Nor have 
the benefits of manufacturing industry ended here. The proof strengthens 



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398 EEPORTS OF THE [1927. 

that many articles have become cheaper, more abundant, and of superior 
quality, by the effect of competition amoni; the home artisans, than when 
derived only ironi abroad. The opening of new objects of labor, by multi- 
plying the occupations of men, h^s also increased the public prosperity. 
This lias produced an increased nhility to buy all Brticles of consumptJcu, 
wheocesoever obtained. Hence foreign trade has not declined, of which 
we have the incontestable evidence just stated, whilst new domestic re- 
sources in manufacturing labor have been unfolding themselves. As the 
latter are more amply brought out, it is confidently anticipated that the 
former will become wider, and more enriching in its range. If the new 
lields of labor have only, aa yet, been opened in particular divisions of the 
country, other divisions will reap a full measure of benefit. If there caii 
be no dissent to the maxim, as between independent nations, that the pros- 
perity of one promotes that of another, it cannot be doubted that different 
parts of the same nation will derive reciprocal prosperity from ihe same 
cause. The United Slates are distinguished in (bis respect by a lot as pe- 
culiar as it is favorable : nothing can exceed the inducements to various 
and subdivided traffic that abound within llieir own limits. It is here that 
the economist may hope to see exemplified every essential advantage of the 
foreign and home trade blended in the same system, moulded by the same 
policy, and freed Irom the jealousies that have frustrated, and must ever 
continue to frustrate, the benevolent but impracticable theories of commer- 
cial intercourse as between distinct nations. It is not merely that the ex- 
tent of climate and soil in the Union are adapted to all pursuits that can 
give activity and fruitfiilness to industry under every form -, these are but 
natural advantages : it is the exchange of the products of industry upoa 
terms the most de3ir{d)le and the most gainful, throughout so ample an ex- 
tent of home dominion, that will exalt such natural advantages to the ut- 
most. It is here that commerce may be -carried on, freed from every re- 
striction, and probably for the first time upon a political and geographical 
theatre so expanded. The appropriate industry of each portion may go 
into unfettered action : of Louisiana and of Massachusetts, of Georgia aacl 
of Rhode Island. A vast home trade, resembling foreign trade, as well by 
intervening distances as the nature of its exchanges, will be prosecuted, 
whether along the ocean, or the water highways of the interior, uninun- 
melled by tolls or imposts of any kind, and without even the necessity of 
custom-houses, or giving to such establishments uses only formal. Such a. 
trade, however, can only have its proper value by the extensive success of 
manufactures ; there is nothing else can impart to labor in the United Statos 
dw necessary variety in its objects, and the necessary regularity and fulness 
in the deruand ; there is nothing else con adequately augment and diversify 
thfi list of commodities, for which the necessities and enjoyments of im- 
proved life are ever making calls ; there is nothing else will raise up towns 
oa the surlace of our territory at every commanding point, without which 
land c»o Dever be made to yield the full amount of which it is susceptible, or 
lhe£irmer be sure of steady and remunerating prices. It hardly need be added 
bow a course of policy that would infuse augmented vigor and briskness 
into a coasting trade, embracing in its range nearly one-half of a continent, 
would tend to enlarge, in all ways, the essential foundations of naval stren^h. 
Mftnu&cturos are recommended by every consideration that can bear 
npoa the riches^ the security, and the power of the Slate. The effect upon 
agncuUund prices, produced by the perpetual presence of armies in acoun- 



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1827.] SECRETARY OF THE TREASURY. 399 

iry, wiU cot too strongly illusliate the extent of the benefit that the mauii- 
betanns class renders to the class of farmers. The parallel ends, tixleud, 
heie, and ends beneficently ; for whilst the soldier does nothing but consume, 
tbe maouiaclurei produces as well as coummes ; supplying the fiiinier with 
articles as necessary as those which he receives from him. Manufacturing 
iitduslry advances the iutellectuiU, no less tliac itie physical, power of a 
Slate, by the various knowledse which its complicated pursuits put into 
requisition. It is the course ofindusUy which must lay the foundation of 
ihose arts which tend (o refinetpent in a nation, for which intelleclnal na- 
lioDS, and none more than republics, have acquired renowo. The time has 
pased when objections might be made to manufactures, from the limited 
UDOont of our population and tbe deamess of labor. The population 
ihiDugfaout large potticois of the Union is now sufficient, both in amount 
loddeDsity, for any operations of manual labor; whilst science, by apply- 
w its inventions to this kind or labor, has abridged its expensiveuess. 
where a single State of tbe Union lias recently been seen to complete a 
poblic woili, which, for its great extent and skilful execution, may compaic 
with similar works achieved in any port of the world, it will not readily be 
believed that the country, of wliich that State is but a part, can be deficient 
ui the means of prosecuting manufacturing labor, however extended tbe 
«>je upon which it may be demanded. The completion of such a work, 
[he New York canal,) is, of itself, a memorial of the highest authenticity 
that the nation has reached a point qualifying it for whatever undertakings 
Its true interests point out, and to which other nations have been found 
equal. As little has the objection to manufactures, founded upon moral 
utoses, any place. That they lead to deterioration in portions of the people, 
13 not to be ndmitled. l-'acts, on the contrary, teach that the freest and 
meet enlightened, as well as most opulent and powerful countries of . 
Europe, are tbose in which raaunfactures bear tlie greatest proportion to 
tbe other productive classes. Tbeir success begets industry, which is fa- 
TQcable to good habits ; It begets prosperity, which supplies them with 
comforts, and raises up their condition. The remark rests on general re- 
oills, aside from partial exceptions. It is equally borne out by facts, that 
nmntries in which there is au undne predominance of agricultural popula- 
OOB are the poorest, and their inhabitants the most depressed. Sailors, 
cooaidered as a class, have their lives shortened by the hardships that they 
DDdergo ; yet, when was this alleged as a reason for extirpating commerce ? 
la like manner, tirnt co-equal agent in lining up the condition of nations — 
nmufacturing induKry — would be entitled to favor, even if partial evils 
flowed from it, as these must give way in the scheme of society to prepon- 
derating good. But if authentic information justifies the conclusion that 
the pursuit of maaufadures lends not to deterioration in a people, but tbe 
rtrerse, the pohcy iuculcatad acquires new force. The experience of our 
own country confirms the accounte from others^ and we may be allowed to 
add the hope, that the influence of our political institutions upon individual 
ud aocial liie, will operaXe to keep up still more the moral toue of this por> 
limi of otir population, as time muhiplieB its numbers. 

Remarks like the ^eeeding are belisvtd to be justified by the success 
which nianu&ctujcic^ iodaat^ basalraady attained in the United States, as 
br as it has received ideiyuls protection. They aie conceived to be not 
Ims sfppTopriate to the design -which ift^eaterlained of TeooauMnding an in- 
cwass^f that protflfitkui, wbote itiaawat deiQUided. Tbore is UtlieheMid 



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400 REPORTS OF THE [1827. 

of n commtinity ever forcing manufactures not adapted to its soil, climate' 
and alt iis other capabilities. Still less can the hazard exist, where the 
powers of teirislatioii are deposited in the hands of those who are imbued 
wilh the colleciive intelligence of the conmnuuitv'. Every country pos- 
sesses its physical characteristice ; as those stamped by its Government, its 
taws, and the leadin? wants and tastes of its population. In Ihese lia the 
causes thnt makeup its inherent capabilities forthe pursuit of some branches 
of industry mote than others. Manufactures once established to the proper 
limit of these, nnd scope enough will remain for foreign commerce in other 
commodities, that will come into demand. The demand for others nerer 
fails to increase, as incrensing wealth at home enlarges the capacity to pro- 
cure them, and superinduces the new artificial desires that crave them. 
Wealth at horns mtist increase, as manufacturing labor increases. Money, 
as representing wealth, must increase ; since each year that witnesses an in- 
crease in the amount of consumable goods, must witness a proportionate in- 
crease in the medium necessary to circulate them. These are truths too 
obvious to be dwelt upon, nnd too important to national prosperity to be 
disregarded iti practice. Amongst the branches of home industry deserving 
special care at all times, are those which conduce to subsistence, shelter, 
clothing, and defence. It is intended, on the present occasion, respectfally 
to recom tnetid to the consideration of Congress, as classing under one or other 
of these primary heads, the expediency of increasing the present duties — 

1. Upon woollen goods and foreign wool, 

2. Upon fine cotton goods. 

3. Upon bar iron. 

4. U[.on hemp. 

The time that has passed since the tariff of 1824 has been snfficient to 
show that the duties fixed by it upon these articles are not adequate (o the 
measure of success in producing them at home which their cardinal import- 
ance merits. A change, since 1824, in the laws of Great Britain, in regard 
to those first named, has also rendered almost abortive the provisions of the 
tariff in their favor. It belongs to the purpose of this report, which looks 
to the encouragement of the national industry in preference to any that is 
foreign, here to state, that for a period of six successive years, ending with 
1826, the value of woollen goot^ and cotton goods, imported into the United 
States from the country just named, exceeds one hundred millions of dol- 
lars ; and the value of iron, and of articles manufactured from iron, seven- 
teen millions. During one of these years, the woollens exported from that 
country to this'exceeded the amount of those exported to the whole af Eu- 
rope put together. For ihe means of exchange against an amount of foreign 
manuractiires so great, the United States have had three principal staples of 
their soil, viz ; wheat flour, tobacco, and cotton. The first of these, the 
same country has, by her laws, positively or virtually excluded, during the 
same period of years, from consumption within her domains. The second 
she has admitted, under a duty of more than six hundred per cent. The 
third she has received with little scruple. She has known how to convert 
it into a means of wealth to her own industrious people, greater than had 
ever before, in her whole annals, been derived from any smgle commodity. 
This she has done, first, by working it up for her home use, upon the largest 
scale ; and next, by making it subserve the interests of her foreign trade. 
She has sent it over all seas, wherever a market opened, but chiefly back 
again to us, to be bought, under the enhancemeDts ot her own labor, at prices 

Dig tizedoy Google 



1827.J SECRETARY OP THE TREASURY. 40L 

bar and fivefold those which she has paid as for it. Commerce, upon the 
lerms attested by such facts, cannot be pronounced just as between (he par- 
Des. The conviclion is deeply entertained, that the best interesis of the 
ntion point to the expediency of reviewing and correcting a species of 
cDouDercial intercourse so unequal. It may be applicable to subjoin, that the 
Toolleu, cotton, and iron goods, imported from all other parts of the world, 
doring the years indicated, are found to be but about one-sixth part of the 
vslne of those obtained from the country whose laws fall with edicts of ex- 
dasioD, or with such disproportionate duties, upon the produce of the United 
States, not only of the articles mentioned, but more that might be mentioned. 
The complete establishment of American mannfacturers in wool, cotton, 
iron, and hemp, is believed to be of very high moment to the nation. Alt 
the prin<Jipnl raw materials for carrying them on are at hand, or could be 
annmanded. The skill for imparting excellence to them would come at the 
proper time. There would be no want of labor; to which an abundant 
liter-power, as well as artificial machinery, would everywhere be lendin? 
its assistance. Capital would be found for investment in them. If their . 
oiablishment by the immediate protection of the laws should, at first, raise 
the cost of the articles, and, for a succession of years, keep it up, a true 
iKecast, looking to the future, rather than adapting all its calculations to 
ihe existing hour, would not hesitate to embrace the protecting policy. 
Nations that would found schemes of solid and durable advantage, mast be 
reidy to do so at the peril of temporary privation. It is the great term of 
national as of individual superiority and distinction. To buy cheap, is not 
iheonlyj or always the chief, good. It is for legislators, who have to deal 
with the practical interests of mankind, to give to abstract propositions the 
necessary limitations. Considerations, higher than those of present mercan- 
lile gain, have often swayed the councils of nations — of nations, whose wis- 
(!«n in this respect we ought not lightly to impugn, any more than we can 
»t all qaestion their long pre-eminence in prosperity. Need it be said that 
England had her laws lo protect her tonnage for more than a century; du- 
ring *dl which time she might have employed the tonnage of other slates, at 
• price much below that at which she built and used her own? Need it be 
idded, what results to her maritime and commercial sway have flqwed from 
ber resolute perseverance in those laws? Need it be said tb*t France, con- 
spicnous for positive as for progressive riches, and comfor"^ and power, still 
excludes from her territory fabrics that might trench "P*™ the custom of 
ber own workshops, in branches of labor and art believ^ to be condticive 
10 Uie national resources, whilst they confer also tbe means of individual 
flirift? Shall the many laws of these two great slBtes, at periods when 
they were laying the foundations of their mantif«turing industry, be re- 
counted, all tenamg to foster it by inducements t&e most efficacious — laws, 
to the easenlial principle of which they still, in « many instances, systemati- 
oiDy adhere? Shajl we call to recollection, especially, the ordinance of M. 
Calonne, which invited to France artificers from all nations, allowing them 
aqnal privileges with those they enjoyerf in their native countries, and grant- 
ing them an immunity from duties on (he importation of the materials used 
in th«ir mann&ctures; nay, more, exempting them and their workmen 
from all personal or other taxes? These, with analogous illustrations, as 
numerous as applicable, will be forborne, aa too familiar to be recapitulated. 
The protecting laws to onr own tonnage, onr own coasting trade, our own 
fishencs, still in force, and which first raised up the prostrate navigation of 
Vol. II.— 26 



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402 REPORTS OF THE [1827. 

the United Stales, m&y supersede other refereiices. These show how the 
fathers of the repubhc were awake to the wisdom of other times nnd other 
nations, knowing how to Eoake it their own. Their recorded opinions attest 
that they weic equally awake to the principle of encuiiragiiig mauufaclures, 
in the broadest sense. If they did not cnrry it farther into practice, it is be- 
cause a proper discrimination saw, in the circumstances of that early day, 
whether as regarded the state of the world from without, or out own inter- 
Dai condition, no sufficient motive for giving to the principle a n»re ex- 
tended application. Gut if this species of mdustry should not be prematurely- 
gone into, so neither ouglit the laws to neglect it too long. Excellence is of 
slow growth. Rarely is it quick or spontaneous in the material, any more 
than in the moral world. Time is an agent indispensable towards inductiog' 
a people into the full knowledge of the manufacturing arts. They are com- 
plex; they are difficult. They are to be learned only by stages, throughout 
a long course of application and eiforls, as mind is evolved by educatioD ; 
institnlions for promoting which, the laws, in the wisest coimtries, are care- 
ful to found and to nurture. When, therefore, neither paucity of popula- 
tion uor of means any longer hold as reasons for not cultivating these arts 
amongst us; and when those external circumstances have passed away, 
which drew nearly all of our population into commerce or into husbandry-, 
the period for permanently fixing them as an integral interest in the state 
seems fully to have arrived. Whilst we repose in tranquillity, the season is 
auspicious for entering efTectually upou the work of establishing those 
specially recommended. Should wor happen, it is not easy to state ihe aug- 
mcnled resources with which we should meet its exigencies, with these 
manufactures flourishing in perfection, any more tlian to porlray the iocoa- 
venience which we should Imow in their absence. It is, therefore, from the 
connexion of their success with the leading interests of the state, in peace or 
war, that the conviction is felt that it would be expedient to secure their 
success, even at the sacrifice of cheapness to the individual purchaser. 

But no such consequence is to be apprehended. If it were a question of 
fostering manufactures for which the circumstances of the country yielded 
not the abundant facilities, as with England when she fostered by her own 
laws her owi. tonnage, then, inileed, could success be accomplished only by 
indefinite forclh^, to be followed by indefinite monopoly in price. Snch is 
manifestly ijot the case. Manufactures of fine cottons, of woollens of almost 
all descriptions, of iron articles, and of those from hemp, have already 
arrived at a point in the United States justifying the conclusion that some 
additional encouragemtnl from Congress is fjone wanting to fix them upoo 
lasting and profitable Siundations. This additional encouragement is io- 
voked as a proper o^t lo \he high d^ree of success which Foreign indus- 
try has attained in these bnncbes by the effect of capitcl and 3kiil,loi^ pre- 
existing in older nations, and taftg aided by their laws. These are advantages, 
not intrinsic, but accidental ; jev they cannot be countervailed but by effi- 
cient legislative aid to our owi. establishments in the beginning. This 
afforded, and there is the strongest reo&on, from past experience, to ka assured 
that American indu^ry and resources, stimulated into fiill competition, will 
supply the commodities cheaper in pritb, as well as better in quality, than 
they linve heretofore come to us from otW countries. The competition, 
increasing widi time, will unfold effects more and mwc useful. Every 
branch of manufacture brought into successful operation is apt to become the 
parent of others. New materials are dlscoveteo, iww combioiUions of skill 



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1827.} SECRETARY OP THE TREASURY. 403 

stnick out, new eptitades developed. Industry becomes awakened, where 
before it was inacEive, carryiDgthe country forward in individual wealth, in 
general comforts, and in financial power. For promoting the last durably, 
sU expedients must prove fallacious that are not based upon prosperous labor 
pervading all classes at home. The consumption of the products of every 
kind of home labor Would necessarily increase with the increasing amount 
of production, and, under more encouragement given to manufactures in the 
branches recommended, might be expected to yield an excess that would dow 
iDlo our exporttrade, augmenting its amount and the amount of its returns. - 
.4s regards cotton articles, such is the exuberance of the raw material in the 
United Slates, that it cannot be assuming too much to suppose that the day 
is not remote when they will largely supply other countries of the world 
wiih these fabrics. Already they nave begun to do so, to some extent, with 
those of the coarser species. European science, applied to the manufactur- 
ing arts, has indeed returned to India, in the manufactured state, the native 
coitoD of India ; but it will be the effect of our own policy if a similar traf- 
fic be long permitted to go on between Europe and the United States. That 
itie latter will continue, under all circumstances, to supply Europe with a 
fiilt portion of raw cotton, cannot be doubted, from the present and growing 
date of that manufacture in Europe. That they might also be enabled, by 
ibe policy recommended, to vie with any nation in sending even to the mar- 
kets of Gurope articles manufactured from this material, is an opinion which 
is believed to rest upon no exonerated estimate of their manufacturing 
ability, however dormant it may be in reference to such a result now. That 
this invaluable raw material, but thirty years ago scarcely known to our own 
fields, any more than to the British loom, is destined to draw out a far grtater 
portion of the productive labor of this country than it has yet put into 
■ction, and mark an era in its menufaoturing, as it has already done in its 
^cultural riches, is an anticipation which rational calculations of the future 
nay justify. What is said of our cotton manufactures, may, it is beheved, 
be said with scarcely lees confidence, eventually, thoi'gh perhaps not imme- 
diately, of those of wool. The latter, from being «iore complicated in their 
»bole process, and more difficult and costly in (he skill necessary to their 
daboration, naturally require more time to 1« reared to perfection. They 
claim on this account, and claim the mow imperiously, the immediate and 
decisiTe succor of the laws. 

The opinion that these and other maiuifacturee would come to be afforded 
to 03 better in quality wheD obtained at home, cannot be passed over with 
«nty the simple expression of it. It is of a nature entitUng it to soltie further 
ngtice. Atnongstthedisadvantagesofmanufactures not being more univer- 
sally established in the VaiipJ States, we are to rank that of their inhabitants 
being obli^ to use ward of a low quality from abroad. It is known that 
a long list of articles is sent to us from both England and France, if not from 
other countries, which in those countries would be rejected by a lai^ class 
rf consumers. Furthermore, it is true that an article injured in the making, 
in reference to the highest character of workmanship, will, notwithstandingj 
be fioroetimes shtpji^to this market, in the hope of finding for it bidders that 
could not so readily be commanded in Europe. If it be said that the wealth 
of this conntry'^doee not at present yield a class of purchasers for European 
articles of the highest workmanship, the answer recurs, that, b^ multiplying 
oar own workshops, we should, at the proper time, be supplied with like 
articles. It ought not lobe supposed that the resources of ourown country, 



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404 REPORTS OF THE [1837. 

and the ingenuity of oar own workmeo, could not, aoder adequate incen- 
tives, suppTjr them aa excellent in quality, and as perfect in finislt, as those 
made elsewhere. And, although it may not now be conTenient to any con- 
siderable class of consumers in this country to make a call for articles of 
this highest stamp of manufactured e:tceUence at the foreign prices, it is 
fully beUeved that the rivalry of numerous artisans at home would raise up 
skill to a point that would produce such articles, whilst il would bring down 
the prices to limits that would put them into circulation. It has not escaped 
observation, that in American manufactures tbat have already, by the aid 
of the laws, obtained a preference to the foreig^t, there is no inferiority, as 
compared with the best standards of the same species of manufactures pro- 
duced and consumed in the foreign country. By opening fuU scope to the 
cmipetition and talents of our own artisans, the standard of excellence, as 
well aa the faculty of discrimination, would be raised to a higher tone than 
when the one is formed, and the other exercised, as is now too often the 
case, upon the secondary productions of other countries. 

In appropriate connexion with these remarks, it may be stated, as a fact 
also known, that the raw cotton of the first qucdity and price, which is sent 
from the United States to Europe, is not that which is returned to the United 
States when manufactnred. On the contrary, it is this species which is for 
the most ])art retained for consumption in Europe ; whilst fabrics wrousht 
from the inferior cotton axe sent off to foreign markets generally, and to 
those of the United States anvnigst die number. Further l^giislativc assist- 
ance to manufactures at this juncture, coming, as it would, alter an interval 
that has left time for the judgment of the nation to pass upon the good effects 
of the tariff of 1824, as far as it has proved adequate, would impress the con- 
viction at home and abroad that the manufactiuing system was to be incor- 
porated with the well understood and durable policy of the nation. Be- 
sides other advantages from this conviction, we might reasonably expect to 
witness that of seeit^ a new class of emigrwUfl come to the United States. 
They would consist a^ merely of unemployed journeymen from foreign 
workshops, however usetM these may be ; but, in all probability, of master 
manufacturers of capital au&standing. How valuable emigrants of this de- 
scription would prove, how thby would help to quicken the progress of the 
countiy in manufacturing skill wid general riches, is attested by the experi- 
ence of all nations, the wisdom of whose laws has superadded such emigrants 
lo their own population. The effect of their coming woi(ld not be to mjure 
QUI own manuuicturers. It would beu^ thatn. It wQuld increase their 
Dundjets. It would raise more speedily the whole class, by bteoding it 
more thoroughly with all the other interests of ibe state. The foieignartisans* 
whom Britam sedulously drew to her shores at ^q esily day, ft^y peopled 
as the whole of her circumscribed territory thw vt«s, m comparieoD with 
OUI8 DOW, tank among the causes that first and mot prominently etevated 
her condition among nations. The effects of their iogeiuous industry exerted 
a meliorating influence upon social life, by investing it with new means of 
•ccommodation and embellishment, atid was soon followed by the l«ra[Dst 
additions to die rural and commercial prosperity of the whc^e isluid. That 
the productiveness and perfection of English agriculture, at the present day, 
is owing to the size and powo' of her manufacturing classes, is atruth not dis- 
puted. It is these classes to whose hands the harvests of ber soil are carried, 
whether gathered fiom its surface, or extracted in exbaustlees raioend vealth 



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1827] SECRETARY OP THE TREASURY. 405 

from benenth it, and who become the customers of it all— the teady, eon- 
fltanl, anfidling customers. ^ 

There is an inducement to increase legislative protection to manufactures, f 
in the actual internal condition of the United States, which is viewed witfi 
«a auxiousness belonging to its peculiar character and intrinsic weight. It 
is that which arises from the great extent of their unsold lands. The mag- 
nihide of the interests at stake in this part of our public afiaiis ought not to 
appal as from approaching it. It should rather impel us to look at it with 
the more earnest desire to arrive at correct opinions on any course of legisla- 
tion that may affect, primarily or remotely, an interest so full of importance. 
The maxim is held to be a sound one, that the ratio of capital to population 
should, if possible, be kept on the increase. When this takes place, the de- 
mand ond compensation lor labor will be proportionably increased, and the 
condition of the moat numerous classes of the community become improved. 
If the ratio of cajHtal to population be diminished, a contrary stale of things 
wiU be the result The manner in which the remote lands of the United 
States are selling end settling, whilst it may possibly tend to increase more 
quickly the a^regalepopolatioQ of the country, and the mere means erf sub- 
SEtence, does not increase capital in the same proportion. It is a propositioa 
too plain to require elucidation, thatthecreationof capital is retarded, rather 
than accelerated, by the diffusion of athin population over a great surface of 
smI. Any thing that may serve to hold back (his tendency to diffusion from 
ninDing too far and too long into aa extreme, can scarcely prove otherwise 
than swulary. Moreover, the further encouragement of manufactures by 
k^slative means would be but a connlerbalance, and at most a partial Mie, 
to the encouragement to agriculture by legislative means, standing out in (he 
very terms upon which the pnbiic lands are sold. It is not here mtendedtO' 
make the system of selling off the territorial domain of the Union a subject 
of any commentary, and still less of any complaint. The system is inter- 
woven beneficially with the highest interests and destiny of the nation. It 
rests upon foundations, both of principles and practice,deep and immoveable \ 
fbnnd^ions not lo be uprooted or shaken. But our gravest attention may, 
on this account, be but the more wisely summoned to the consideration of 
correlative duties, which the existence of such a system in the heart of the 
slate iioposes. It cannot be overlooked, that the prices at which fertile 
bodies of land may be bought of the Government, under this system, operate 
as a perpetual allurement to their purchase. It must, therefore, be taken in 
(he light of a bounty, indelibly written in the text of the laws themselves, ia 
iavor of agricultural pursuits. Such it is in effect, though not in form. 

Perhaps no eoaclment of legislative bounties has ever before operated 
upon « scale so vast, throughout a series of years, ond over the face of an en- 
tire nation, to Inrn population and labor into one particular channel, prefer- 
aWy to all others. Tnentmostextentof protection granted to manufacliHes 
ot commerce, by oor statutes, collectively, since the first foundation of the 
Government, has been, inltsmereeffectof drawing the people of the United 
States into those pursuits, as nothing to it. No scale of imposts, no prohi- 
bitions or penalties, no bounties, no pretniums, enforced or dispensed at (be 
custora-hoasfl, has equaled it. It has served, and still serves, to draw, in an 
annuat stream, the inhabitants of a tnajority of the States, including amongst 
thematthisdayaporlion (not smalHof the western Statee,)ntothe settlement 
of fresh lands, lying still l^rther end fiulher off. If the population of these 
State% not yet lednndaat in fact, though appearing to be so, under this Je- 



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406 REPORTS OF THE [1827. 

gislative incitement to emigrate, remained fixed Ui more inataAces, as it pro- 
bably would by extendiiie the motives to manufactuiing labor, it is believed 
tbat the nation at large would gain, in two ways : first, by the more rapid ac- 
cumulation of capital^ and next, by the gradual reduction of the excess of 
its agricultural populaliou over that engaged in other vocations. It is not 
imagined that it would ever be practicable, even if it were desirable, to turn 
this stream of emigration aside ; but resou'rces opened, through the influence 
of the laws, in new fields of industry, to the inhabitants of ibe Stales already 
sufficiently peopled to enter >ipon them, might operate to lessen, in some 
degree, and usefully lessen, its absorbing force. Theeyeof legislotionjinteot 
upon the whole good of the nation, willlookloeacbpurt, not separately as a 
part, but in conjunction with the whole. Theropiditywith which, after all, 
a civilized population, founding new nnd sovereign communities, will grow- 
up in those exuberant portionsof territory, presents considerations favorable 
to the main policy inculcated. This population, carrying with it the wants 
and habits of society, will createademandformanufactiircs, which mujt, at 
least for some time, bo supplied from other sources. It will hence form the 
natural market of purchase and consumption for those produced in other 
parts of the Union, rather than in foreign countries. By this intercourse 
we may hope to see multiplied the commercial and pecuniary ties which it 
is fit should grow up and be cherished throughout ibe whole federal family, 
suporadding themselves to all other ties, and harmonizing ar.d compactiag 
the elements of a great empire. Should it still be apprehended by any, that 
evils will be generated in a state of society where large luanu facto ring 
classes co-exist with a full population — to such minds, the reflection must 
prove consolatory and re-assuring, that in the public lands a check to these 
evils will be at hand for ages to come. This immense domain, besides ena- 
bodying all the ingredients, material and moral, of riches and power, through- 
out a long vista of the future, may, therefore, also be climg to, under the 
various springs and conjoint movements of our happy political system, as a 
safeguard against contingent dangers. lis very pfissession is conceived to 
furnt.sh paramount inducements, under all views, for quickening, by fresh 
legislative countenance, manufacturing labor throughout other parts of ihe 
Union. It is a power to be turned to the account of manifold and transcendent 
blessings, rather than reposed upon for o^rnndizing too exclusively the in- 
terest of agriculture, ftindamental as that must ever be in the state. Agri- 
culture itself would be essentially benefited ; the price of lands in all tlie ex- 
isting Slates would soon become enhanced, as welJ as the produce from ihem, 
by a pcrficy that would in anywise tend to render portions of tlieir present 
population more stationary, by supplying new and adequate motives lo their 
becoming so. And, as it is, the laws that have largely, in effect, throughout 
a long course of time, superinduced disinclinations to manufacturing iul>or, 
by their overpowering calls to rural labor, inihemodeof selling off the pub- 
lic domain, the claim of further legal protection to the former kind of labor, 
at this day, seems to wear an aspect of justice no less than of expediency. 
Finally ; the great plans of internal improvement, so wisely in prosecution, 
or contemplated, in different portions of tlie country, will lose much of tlieir 
object and value if activity be not imparted to manufacturing industry. The 
increased facilities of conveyance which these plans are intended to effect, 
presuppose, as their basis, the necessity of transferring the produce of the 
■ country from place to place. How such transfers will be increased by mul- 
tiplying the products of manufacturing labor, is apparent. New resources 



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1S27.J SECRETARY OP THE TREASURY. 407 

for this kind of labor may be expected to rise up, as these plans are in pro- 
gress ; whether by bringing to light occult treasures, or by affording, through 
improved transportation, the means of use to tliose already known. And 
then, as manufacturing enterprise, acting upon a greater variety nud abun- 
dance of materials, shall be seen to enlarge its spheres, how much more re- 
ciprocally beneficial will not its exchanges become with the produce of the 
land? It is this state of things that will emphatically bind together the 
farmer, the manufacturer, and the merchant, in one Indissohible connexion. 
Towns and villages may be expected to rise up, in good lime, under such a 
policy, lining the borders of our canals, as of our natnral streams. Scenes 
of stirring industry will strike upn the eye, flowing from various and subdi- 
vided Inbor; the aggregate results of all which will standout in the advanc- 
ing cultivation and embellishments of the earth, and extended prosperity 
and happiness of our people. This is the broad policy suited to a nation 
destined by natural gifts to reach the heights of civilization and power. 
Stich a nation rejects, as too confined, the counsels that would limit her to 
the walks of agriculture, of commerce, or manufactures, singly ; seeing that 
her resources and aptitudes of all kinds confer upon her the warrant of 
pre-eminence in each. Unless in this combination, we have beheld no state 
enjoy any other than an imperfect. or transitory greatness. 

Whilst the efficient encouragement of manufactures is earnestly dwelt 
npon as conducive to the fiscal strength and general prosperity of the Union, 
the cloioss of foreign commerce press not less forcibly upon our attention. 
EVich interest is aliite entitled, within proper bounds, to the fostering super- 
intendence of the legislative power. Amongst the expedients for augment- 
ing the foreign trade of a country, otherwise than in the exports of its own 
productions, none are believed to be more important than the warehousing 
system. It was this system thatgreatlycontributedto the commercial riches 
m some of the European states of the middle ages, and that is now enlarg- 
ing the commercial dominion of nations of the present day. The situation 
of the United States, locally ; the number and position of their ports, along 
so extended a line of coast ; the tonnage of which they are actually in pos- 
session, with the commercial experience of their people, point them Out as 
peculiarly fitted to derive advantage from this system, and serve to recom- 
mend for it more liberal enactments than atiy of which it has yet been the 
subject. By our laws, as they now stand, the merchant is compelled to re-, 
esporl, within a twelvemonth, the foreign commodity which he has import- 
ed, or lose the benefit'of drawing back the duty he has paid upon it to the 
Government. Hence, he loses all opportunity, after this limit of time, of 
sending the commodity to seek foreign markets, when the market at home 
may fail. The restriction put upon him in this respect ought, it is con- 
ceived, to be done away, by extending the time during which he might ex- 
ercise the right of re-exportation. It is not believed that the increased 
quantity of foreign merchandise, which such an alteration in the laws might 
be the means of nringing to the country, would interfere with the interests 
of home manufactures, under the protection claimed for the latter, and the 
guards with which they might be surrounded. The result might beexpect- 
cd to prove otherwise. At present, whenever a redundancy of foreign goods 
is seen in the country, (as will happen occasionally in all trading countries, 
from the impossibility of adapting precisely the supply to the demand,) 
the excess, if not sent abroad within the year, is thrown upon the home 
market, at whatever reduction of price. This operates to the mjury both ot 



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408 REPORTS OF THE [I82T. 

the home maouiacturer and the importer. By eolaj^ing the lime of re-ex- 
porlatioD, with privilege of drawback, such excess, whencTer existiii^r 
would be more liltely to seek a veni in other countries, and with improv^ 
chances of finding it profitable. More especially might the prospects of 
this trade in re-exportations be increased, if do transit duty existed on for- 
eign merchandise passing through our ports ; the necessarr charges being 
also kept at the lowest possible point. This is a policy which the wisest com- 
mercial nations have observed. An increased trade in reexportations, by 
increasing the carrying trade of the United States, may be expected to in- 
crease their tonnage ; thus giving new activity to ship-building, so highly 
important and valuablea branch of manufactures to the country. The as- 
pect of the limes recommends to favorable consideration the alteration in the 
drawback system proposed. Political and commercial revolutions, occur- 
ring all around us, remind us of the expediencyof reviewing our own com- 
mercial laws, in points where these revolutions have affectea, or may aflect, 
the operation of them. We have seen the principal part of this coutineat 
change the relations which it held to Europe. We have seen, as the effect 
of this and other causes, ancient channels of trade deserted, colonial mo- 
nopolies give way, and another system open. A new commercial era is be- 
fun, of which this hemisphere is to be the principal scene. We have be- 
eld the nations of Europe watching the course of these changes, and ac- 
commodating their policy — especially the warehousing policy — to the new- 
commercial wants and contingencies which have grown up, or are antici- 
pated. We have seen, above all, the leading commercial power of Europe, 
whose wakeful eye is abroad throughout the commercial world, extend this 
very policy, under new and advantageous iacilities, to her insular positioos,^ 
in seas close to our borders. This sne has done with the purpose, not con- 
cealed, of availing herself of these changes, and of meeting, in the spirit of 
Cur commercial competition, similar measures which she naturally sup- 
posed would go into effect on the side of the United States. No such mea- 
sures have been taken by the United States. In the midst of the changes 
adverted to, our own commercial legislation remains, so far as any beanoff 
upon this new commercial era is concerned, at the point where it stood 
more than five-and-twenty years ago. This single exception is in the act of 
the last session of Congress, authorizing the importation of brandy in casks 
of smaller size than was permitted by the act of 1799 ; an act obviously de- 
' signed to improve our export trade in this article to the new states of this 
continent. The merchant, like the manufacturer, and other interests of the 
state, requires ot proper times the assisting hand of legislation ; regulation, 
in one form or other, being the great end of government, and usefiu or baf- 
fling to individual enterprise, as it is wisely or improvidently exerted. 

Should the wisdom of Congress deem an alteration in the laws, with a 
Tiew to enlarge the privilege of re-exportation, expedient, an authority to 
build additional warehouses in some of the principol seaport towns would 
be a necessary adjunct to the alteration. The local accommodatioa for 
merchandise that must go into store, under the existing laws, is insufficient. 
Larger and better constructed edifices are required, even for the present 
wants of our commerce, and would become altogether indispensable under 
an extension of the warehousing system. A commerce which yields to the 
national treasury a revenue of twenty millions of dollars a year, under » 
tariff far more moderate, even since 1824, than that which has marked the 
career of any great state of modern times, is entitled to adequate and liberal 



tizedoy Google 



1827.] SECRETARY OF THE TREASURY. 409 

provisionB for the machinery' necessary for carrying it oo. Its local estab- 
lishmeDts should have reference, as well to the security of the revenue, as to 
tbe reasonable accommodation of the merchant, and the prompt despatch of 
business. It is probably not too much to affirm, that of the foreign mei- 
cbaodise, which, under the present commercial code of the Union, is de- 
posited in warehouses, more than one-half is unduly exposed to depred^ion, 
to frauds, and to fire, from the nature and insecurity of the present buildings. 
They are, besides, too often situated in places remote from the custom- 
houses and other commercial establishments, and inconvenient otherwUe to 
tbe transaction of daily commercial business. Under circumstances such as 
these, rhe proprietyof drawing the attention of Congress to (hedefects of the 
warehousing system seems sufficiently justifiable. 

Where interests are muUifarious, as in free, populous, and opuloit 
o»umunities most be the case, the hand of Government must be variously ex- 
tended. Sometimes it is wisely applied to the elective regulation of some 
(^ these interests, and sometimes it becomes as necessary to lighten ils pres- 
sure upon others. Not only is it recommended to lessen me restriction 
vhtch our laws have so long imposed upon the merchant, in an extensive 
kanch of the foreign tiade,hut it is also conceived that there are articles 
eateriag into the list of our imports, the duties upon which it would be ex- 
pedient to reduce. Amongst these, it is thought proper to mention teas and 
wines, as being prominent. 

The use of tea has become so general throughout the United States, as to 
rank almost as a necessary of life. When to this we add that there is no 
rival production at home to be fostered by lessening the amount of its import- 
ation, the duty upon it may safely be regarded as too high. Upon some of 
the varieties of the article, it considerably exceeds one hundred per cent., 
and is believed to be generally above the level which a true policy points 
out. A moderate reduction of the duty would lead to an increased consump- 
liMi of the article, (o an extent that, in all probability, wonld, in the end, 
benefit rather than injure the revenue. Its tendency would he to enlarge 
oor trade in exports to China; a trade of progressive value, as our cottons and 
other articles of home production (aside from specie) are more and more 
entering into it. It would cause moreofthe.tiadein teas to centre in our own 
ports; the present rate of duty driving our tea ships notunfrequently to seek 
their markets in Europe — nol in the form of re-exportations, but in the di- 
rect voyage from China. It would also serve to diminish Uie risk of the 
United States ultimately losing any portion of a trade so valuable, through 
the policy and regulations of other notions. 

The duty upon wines is also believed to be higher than a wise commer- 
cial and national policy dictates. The experience of our own, as well as 
other countries, has shown that high duties upon wines do not prove bene- 
ficial to the revenue. General experience also shows that tbe consumptim 
of wine tends to diminbh the use of ardent spirits. These are inducements 
for keeping the duties upon wines low. They are strengthened by the cihi- 
sideration, that, by lowering them, we shall increase beneficially our trade to 
the countries whence we obtain wines. Some of these countries are unable 
to take our productions, unless their wines be received as an equivalent. 
They are, at the same time, prepared to take ihem untrammeled by positive 
or virtual prohibitions. It seems but just that we should take freely the 
{uvductions of nations that take ours freely. But, in point of fact, the pre- 
aent rates of our tariff favor most, in many and essential things, the produc- 
tioDS of nations that favor ours least. The rate of dutyupon wines is lurt only, 



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410 REPORTS OF THE fl82r. 

in many iastances, very high, but very unequal, as regards the different de- 
scriptions of wines and thecountries producing them. The whole subject 
is thought to demand revision. Upon the superior wines of Prance, upon 
those of the Rhine, upon those, generally, of Spain, Ponngal, the Italian 
stales, and perhaps some other countries, the duties, it is believed, might be 
advantageously brought down. The manufacture of wine in the United 
States does not, at this juncture, comprehend any snch large interest as to 
interpose serious objections to the pc^icy recommended. The opinion may 
also be hazarded, that, in proportion as the taste for wine comes to prevail 
over that for ardent spirits, under the encouragement of low duties upon 
those imported from abroad, will a better basis be laid for Ihe prosecution, nt 
a future day, of this branch of industry at home. Its prosecution might go 
on, hand in hand, with lower duties on foreign wines, even nt the present 
time ; a very smalt amount of capital being necessary to the production of 
wines at home. 

A few remarks upon the state of the trade between the United States and 
Ihe British colonies, since the interdiction put upon it by Great Britain, vill 
close the more general observations of this report. 

Sufficient time has scarcely elapsed to enable us to determine, with pre- 
cision, the course that this trade will ultimately take, as regards the amount 
of snpplies, the channels through which they will chiefly pass, and the pro- 
portions of American and British tonnage likelv to be employed in their 
transportation. The British interdict of July, 1626, left an interval before 
its actual operation. This did not commence imtil the 1st of December of 
that year. The interval, it is understood, was improved in accumulating in 
the British West India ports supplies of provisions, and other necessary ar- 
ticles, from the United Slates. Geographical causes, in their nature un- 
changeable, render it manifest that such supplies can be sent to the British 
islands in more abundance, and on cheaper terms, from the United Stales, 
than from parts of the world more remote, or from climates less favorable 
to their production. Nevertheless, the British Government, trne to its in- 
variable maxim of encouraging the industry of its own subjects in preference 
to that of foreigners, laid duties upon these supplies when coming from the 
United States, designed to countervail the greater cheapness with which 
they could be fumi'shed over similar snpplies from the British colonies of 
North America. It waslo no purpose that Britain was urged, in protracted 
n^otjations, to forego this discrimination in favor of her own subjects. She 
steadily adhered to it : affording a fresh and signal example to other nations, 
that to protect Ihe agricultural as well as the manufacturing labor of her own 
people, in whatever region sitinited, is a point in her policy, lo which that of 
buying cheap from strangers knows wiicu and how to yield. As the British 
North American colonies were enabled, with the aid of these protecting 
duties, lo furnish n portion of the supplies necessary to the British islands, 
leaving the United States to furnish the residue, whilst the direct intercourse 
between the latter and those islands remained open, it is not believed that 
the lrade,under ordinary circumstances, will be materially offectcd in amount 
by the direct intercourse being closed. The continued necessity of draw- 
ing the major part of those supplies from the United States was seen in the 
fact of Q-uebec having been made an entrepot for their flour and othcrarticles 
nt an early day after the commencement of the interdict ; and, afterwards, by 
an act of the British Parliament, which admits, duty free, various products 
of the United States into Canada, whence their exporlaUon'to the islands is 



tizedoy Google 



IS27.] SECRETARY OF THE TREASURY. 4U 

legalized, os of the proper products of Canada. It is by the estRbtishmen' 
of such depots that the desire of Great Britain is also evinced to drav to 
herself a preponderating share of the carrying trade between her islands and- 
ihe United Slates. It is throngh these circuitous chnnnela— also through 
New Brunswick and Kova Scotia, through the ports and islands of inter- 
medin le powers, as St. Jago de Cuba, Carthagenn, St. Bartholoniew's, St. Eus- 
athis, St. Thomas — that Jamaica and the Windward islands will chiefly 
ikrive from the United States the tupplies that they have heretofore bad 
ffom them, and still continue to want. It is even known that biscuit has 
been shipped from Philadelphia for Jamaica, by way of Liverpool ; and 
ihe flour of the United Stales, under bonds in the warehouses of Liverpool, 
7ill also, it is thought, find its way to consumption in the larger islands of 
ttie Bntish West Indies. The Bahamas will probably experience most in- 
wmvenience from the course of this trade being forced into these indirect 
channels, from Iheir relative inability to sustain Ihe increased expense with 
vfaich it will be burdened. This, we may presume, will be shared by both 
parties ; the transhipments and other intermediate agencies necessary to keep 
ibe trade in activity being, to a certain extent, common to both. What will 
be the relative propoition of the tonnage of the two nations employed in 
arryin? on this trade, cannot, at present, be stated with confidence. It is 
Bot probable that tlrnt of the United States will suffer, where the compe- 
liOoD can be made equal ; but it is possible that some diminution of their 
shipping may be eventually witnessed, in favor of the flag of some third 
power. It is the declared policy of Britain to produce such a result, rather 
than allow, by any arrangements which she can control, the tonnage of a 
nation already as largo as that of the United Slates to become larger. Next 
to the augmentation of her own tonnage, it is the aim of the British laws to 
bring into employment the tonnage of the smaller maritime powers of the 
world. If the anticipation be correct, that the British islands will continue 
;o receive, indirectly, their supplies from the United States, without matc- 
ijal diminution, the revenue will not suffer; since our exports, through 
vhatever channels they reach the islands, may be expected to be followed 
i;y equivalent returns. It may be repeated, however, that further time is 
uecessary for establishing definite conclusions upon this and the other 
points adverted to. It is ascertained that the imports into the United States 
from the whole of the West India islands, for the first six months of the 
present year, fall below the average rate of those of the first six months of 
the three years preceding, including importations from the British islands. 
Oo the other hand, our exports to the whole of the We^t Indies, during the 
first six months of 1827, have exceeded their average amount for the same 
period during the three years preceding, including exports to the British 
islands. 

The estirqales, in detail, of the revenue for the ensuing year, will now be 
[;iven. For tJie general observations upon the home industry and foreign 
uade of the country that have been gone into, the indulgence of Cougrass 
J^ with the utmost deference, solicited, under the motives that have proo^t- 
':d tliem. All finaucial plans m^st ultimately be dependant upon the flouri^- 
;ng state in which a sagacious and comprehensive policy may aid in placing 
:hc great agricultural, manufacturing, and commercial interests of the na- 
tion ; not in a spirit of partisanship for either, but by weighing co-cqually 
:he claims of each, and striving to secure the enriching results of all. It 
■s in the anxious endeavor and bumble hope of exhibiting tbem, under tfiis 



tizedoy Google 



412 REPORTS OF THE [1827. j 

alliance, tn the correcting and contioUing wisdom of Congress, that this . 
report has been prepared. 

The gross amoimt of duties which accrued on imports and tdnnage, 'i 
from the Ist of January to the 30th of September last, is estimated nt tweli- '', 
ty-onc miUion two hundred and twenty-six thousand dollars. The gross ; 
amount that will accrue for the last quarter of the year, is estimated at fire ; 
million seven hundred and seventy-lour thousand ; making an aggregate ■ 
of twenty-seven millions for the entire year. 

The debentures for drawbacks issued during the first three quarters of J 
the year amounted to $3,381,942 79 ; and the amount outstanding on the j 
30th September was $2,516,966 45 ; of which $1,245,057 17 are charge- ! 
able upon the revenue of 1628. ' 

The amount of duty bonds in suit, on the 30th of September last, was ■ 
$4,136,313 64; which is more, by $128,929 88, than was in suit on the ^ 
same day of the year precediug. ,; 

In estimating the probable amount of duties that will be receired, as ^ 
compared with the gross amount secured on the importations of the year, • 
the necessary deductions are to be made, not only for drawbacks, but for S 
the expenses of collection, and various losses that may happen. Making . 
what is judged to be a full allowance on all these accounts, for the preamt ^ 
occasion, the receipts from the customs in 1828 are esti- ; 

mated at .... $£0,372,700 :i 

Those from the sates of the public lands, 

are estimated at - - - 1,400,000 
From bank dividends - 420,000 
And from all other sources - - 107,300 ' 

Making an aggregate of $32,300,000 00 

The expenditure for 1828 is estimated as follows, viz: 
Civil, miscellaneous, and diplomatic - $1,828,385 14 
Military service, including fortifications, 

ordnance, Indian department, revolu- 
tionary and military pensions, arming 

the militia, and arrearages prior to the * 

1st of January, 1817 - - ■ 4,332,091 05 ; 

Naval service, including the gradual in- < 

crease of the navy - - - 3,786,649 25 I 

PuWic debt .... 10,000,000 00 ! 

Making a total of - 19,947,125 44 



And leaving an excess of receipts for the year, over its 
expenditure, of $8,352,874 66 

The estimate ef revenoe from ail sources, for 1828, has been made 
850,000 dollars lower than that for 1827. This has been done, to guard, as for 
as possible, against unfavorable contingencies. Nevertheless, the present 
estimate is formed on a larger amount of duties, secured by bond on mer- 
chandise imported, than the estimate for 1827. Hence there is reason, 
from alt present appearances, to believe that, although the estinmte for 1828 
is less than that for 1827, the receipts will prove greater. 
All which is most respectfully submitted. 

RICHARD RUSH. 

Teeasurt Departmemt, December 8, 1827. 



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REPORTS OF THE 

E. 



[1927. 



STATEMENT of moneys received into the Tirectsurif, from all gourdes 
other than atatoms and public lands, ditring the year 1826. 

From arrears of old direct tax - - - 

new direct tax , - - 

new internal revenue 
fees on letters patent . . . 

cents coined at the mint 
postage of letters . - . . 

fines, penalties, and forfeitures 
surplus emoluments of officers of the citsfoms 
interest on balances due by banks to the United States 
passage money of American seamen returned 
receiwd under the act to abolish the United States' 

trading establishments with the Indians 
moneys previously advanced on account of treaty 

with Spain . . . . . 327 46 

dividends on stock in tlie Bank of the United States - 402,500 00 



«1,514 2S 


6,184 48 


21,689 93 


9,420 00 


17,041 00 


30O 14 


1,382 44 


37,299 20 


720 73 


60 00 


2,969 26 



$600,228 90 



balances of advances made in the War Department, 
repaid under tile tliird section of tlie act of 1st 
May, 1820 26,08S 45 

$625,317 35 

Treasurt Department, 

RegUtcr's O/lux, November 28, 1827. 

JOSEPH NOURSE, Register. 



t,i.a,Google 



1S27.J SECRETARY Qp THE TREASURY. 417 

P. 
STA TEMENT of the expenditures of the United States, for the year 



CIVIL, nnSCELLANEOUS, AND 

Lt^Iature - - ' - 

Executive departments - - . • 

Officers of the mint 

Surveying de[uirtinent ... 
Commissioner of the Public Buildings - 
Governments in the Tenitoriea of the 

United Stales 
Jodiciary .... 

ADDuities and giants 
Hint establishment 
Unclaimed merchandise 
Lig^t-honse establishment 
Surveys of public lands - - - 

R^;isters and receivers of land offices - 
Prraervation of the public archives in 
Florida - . . . 

Land claims in Florida Territory 
l^nd claims in St. Helena land district - 
Roads within the State of Ohio - 
Roads within the State of Indiana 
Roads and canals within the State of Mis- 
sissippi .... 
Roads and canals within the State of 
Alabama . . . ■ 
Roads and canals within the State of 
Missouri - . . . 
Payment to Ohio, of the nett proceeds of 
lands sold under the 3d section of the 
act of the 38th February, 1823 
BqKiiring the post road in the Indian 
country, between Jackson and Golimi' 
bus, iu the State of Mississippi 
Repayment for lands erroDeously said by 

the United States 
Marine hospital estabUshtneae - 
Public buildings in Wff»'u^igton 
Bringing the votes fiv President and Vice 

President of tha Umted States 
Appropriation of prize mtmcy - 
Payment of balances due to officers of old 

internal revenue and direct tax 
IVyment of balances to collectors of new 

internal revenue 
Stock iu the Chesapeake and Jtelavaie 
Canal Company - . . 

Stockin the DisnuJ Swamp Canal Company 
Vol. II.— 27 



DIPLOMATIC, VIZ : 

$493,366 46 

489,776 07 

9,600 00 

16,718 ^ 

1,699 94 

36,158 83 
209,466 38 



2,150 00 
34,068 27 
356 06 
188,849 72 
46,769 65 
2^3 96 

750 00 
9,723 48 

_44§7 16 
9,79irJ'l" 
7,176 97 

5,888 15 

12,968 28 

_,"jL,Sfi5, fi4_ 

17,823 85 ' 

15,000 00 

342 40 
51,236 98 

91,271 97 

41 75 
4,897 46 



$1,256,745 4S 



107,600 00 
150,000 00 



tizedoy Google 



418 



REPORTS OP THE 



Stock in the Louisville and Portland 
CaniJ Company 

Payment of claims for property lost 

Payment of claims for buildings destroy- 
ed, per act 3d March, 1825 - 

Miscellaneous expenses 

Diplomatic department - ■ - 

Mission to the Congress of Panama 
Contingent expenses of foreign intercourse 
Relief and protection of American seamwi 
Treaty of Ghent (6th and 7th articles) - 
Treaty of Ghent (1st arliclej 
Payment of claims under the 9th article 

of the treaty with Spain 
Treaties with Mediterranean powers 



ft30,000 00 
288 75 

208,311 46 
106,777 75 

162,476 90 
9,000 00 
18,627 07 
80,061 13 
10,500 00 
10,000 00 

9,967 88 
2,086 08 



[18-i7, 



$1,110,713 23 



Pay of the army 

Subsistence 

Quartermaster's department 

Forage - - - 

Clothing 

Bounties and premiums 

Expenses of recruiting • 

Medical department 

Purchase of woollens for 1827 

Contingencies - 

Military Academy, West Point 

Armories 

Arsenals 

Arsenal at Vergennes - 

Arsenal at Augusta 

Ordnance 

Annament of new fortifications 

Arming and equipping militia ■ 

Maps, plans, &c. tor the War Depatttnent 

Repairs and contingencies of forliflcattona 

Fort Monroe - - - - 

Fort Calhoun - - - ■ 

Fort Delaware - - - - 

Port at Mobile Point 

Fort Adams - - - ■ 

Fort Hamilton - - • - 

Port at Rigolets and Chef Menteur 

Port Jackson - - - - 

Fort Constitution 

Port Beaufort - - - - 

Port at Cape Fear 

PortBienvenue 

Fort at Bogue Pomt 



MILITARY ESTABLISHMENT. 

- 1,012.243 66 

254,220 41 

301,370 66 

32,253 90 

255,770 74 

9,394 02 

9,041 37 

21,454 71 

20,000 00 

10,787 68 

20,309 32 

355,117 06 

49,317 86 

6,400 00 

6,392 95 

58,766 63 

10,662 93 

186,166 71 

84 87 

9,243 96 

106,100 00 

77,400 00 

lb,A79 75 

94,714 99 

89,221 25 

78,803 00 



$2,600,177 79 



76,940 68 
2,600 00 
845 00 
67,800 00 
60,000 00 
12,100 00 



tizedoy Google 



■7.] 



SECRETARY OP THE TREASURY. 



Purchase of Thrtw's Point - - - 

Deepening the han>or of Prcsque Isle 
Repairs of Plymoulh beach - 
Preservation of islands in Boston harbor 
Building pier at the mouth of Buffalo creek - 
Building pier at Newcastle, Delaware 
Baildiug pier on Steel's Ledge, Belfast, Me. - 
Survey of public piers at Chester, Pa. 
Removing obstructions in the mouth of Hu- 
ron river, Ohio . . . . 
Removing obstructions in Grand river 
Snrvey of Saugatuck river and harbor, Conn. 
Survey of PJscataqua river, Maine 
Survey of the harbor of Edgartown, &c. 
Survey of Sandusky bay, Ohio 
Survey of Oswego bay and harbor, New York 
Survey of Lnplaisance bay, Michigan 
Bemoving obstructions in the mouth of Ash- 
tabula creek, Ohio ... 
KemoviDg obstructions in Cunningham creek, 
Ohio . . . . . 
Snrvey of the Swash, in Pamlico sound, N. C. 
Improving the Ohio and Mississippi rivers - 
Surveys, ic<3l( roads and canals 
Continuation of the Cumberland road 
Road from Ohio to Detroit ■ 
Road from Missouri to New Mexico - 
Road from Memphis to Little Rock - 
Road from Pensacola to St. Augustine 
Road from Liule Rock to Cantonment Gibson 
Road from Colerain to Tampa Bay - 
Road from Cape Sable to Suwanee - 
Florida canal . . . . 
Balances due to certain States on account of 
militia . . - - . 
Interest due to the State of Maryland 
Interest due to the city of Baltimore - 
Interest due to the State of New York 
Interest due to the Slate of Delaware 
Invalid and half-pay pensions 
Revolutionary pensions ... 
Ransom of American captives in the late war 
Payment for property lost, &c. 
Relief of officers, &c., engaged in Seminole 

campaign - 
Bdief of sundry individuals 
Arrearages - 
Civilization of Indians 
Pay of Indian agents 
Pay of aab-agents 
Presents to Indians - 
Ctotingeocies of Indian department 



916,000 00 
9,096 00 
11,000 00 
32,950 00 
10,000 00 
104 01 
600 00 



1,500 00 
1,000 00 
400 00 , 
200 00 
500 00 
400 00 
300 00 
200 00 

1,000 00 

1,000 00 

1,000 00 

16,002 18 

^.22,887 22 

125,469 00""" 

14,107 45 

15,000 00 

9,204 00 

2,069 00 

2,441 74 

6,000 00 

^_9az_85/?j- 

16,423 §9 ' 

17,039 51 

66,563 22 

21,710 35 

40,264 86 

6,530 00 

261,399 01 

1,305,194 82 

985 IS 

168 25 

3,764 99 
76,649 12 
16,469 60 
14,914 09 
29,860 32 
12,131 59 
16,387 60 
130,642 12 



tizedoy Google 



120 REPORTS OP THE 

Compensation to citizens of Georgia under 
the Creek treaty of 1821 

General councils with Indians on Lake Su- 
perior - - - - - 

Claims against Osages ... 

Running a line dividing the Territory of 
Florida from Georgia - 

Removal of Cieek Indians west of the Mis- 
sissippi ----- 

Relief of the FltoidB Indians 

Treaty with the Florida Indians - 

Creek treaty of 1826 

Creek treaty of 1836 

Choctaw treaty - - - - 

Choctaw schools - - - - 

Holding treaties with the Choctaws and 
ChicKasaws . . . - 

Effecting the treaties with the Osages and 



[182T. 



Holding treaties with the Miami and Pot- 
tawatamie Indieos, &c. - - - 

Negotiating and carrying into effect certain 
Indian treaties - - - . 

Annuities to Indians - . . 



$23,000 00 

-27,000 00 
2^7 71 

300 00 

564 04 
7,249 76 
3^18 00 
20,813 88 
78,668 00 
2,066 51 
2^)4 00 

16,000 00 

18,306 18 

15,000 00 

80,262 20 
243,642 93 



From which dadnct the following repaymraits : 
Gratuities - - - $454 73 

Fortifications - - 3,791 31 

Survey of the coast of the 

United States - - 2,586 00 

Survey of Marblebead and 

Holmes's Hole - - 54 76 

Extinguishment of Indian 

titles in Michigan - - 507 76 

Purchase of three tracts of land 

in Tuscarawas county, Ohio 63 32 



7,457 88 



NAVAL eSTABLISHHENT. 

Pay of the navy afloat - - - 1,025,968 56 

Pay of the navy sh«re stations - - 131,823 56 

Provisions . - - . 289,560 88 

Repairs of vesseb - - - . 485,970 86 

Inclined plane docks, &c. - - - 10,017 41 

Ship-houses ... - 44,2% 62 

Navy yard, Portsmouth - - 11,216 16 

Navy yard, Boston - - - 40,000 00 

Navy yard, New York - - 53,098 68 

Navy yard, Philadelphia - - .' 30,490 26 

Navy yard, Washington - - - 32,480 74 

Navy yard, Norfolk - - . 64,0^ 88 

Navy yard, Pensacola - - - 40,200 00 



.„Gooj^lf 



1827.] 



SECRETARY OP THE TREASURY. 



Medicioes and hospital stores 
CoDtingent, not eQumerated, for 1824 
CoDtingent, not enumerated, for 1825 
Contingent for 1826 - 

Contingent, not ennmerated, for 1S26 
Gradui^ increase of the navy 
Ordnance and ordnance stores 
Ten doops of war 
Superintendents, artificers, &c. 
Laborers and fuel for engine 
Surrey of Savannah, Brunswick, dec. 
Suppression of piracy 
Prohibition of slave trade - 
Relief of Bdward Lee 
Pay and subsistence of marine corps 
Clothing for the marine corps 
Medicines for the marine corps 
Military stores for the marine corps 
Contingent expenses of the marine corps 
Fuel for the marine cat^ 
Barracks for (he marine corps 



«32,833 IS 


304 16 


673 88 


238,865 18 


1,217 80 


793,704 92 


36,312 84 


606,163 84 


63,630 13 


13,461 97 


1,299 43 


2,669 62 


22,220 81 


2,812 60 


219,686 73 


26,960 47 


2,283 28 


1,669 70 


14,096 23 


9,321 46 


6,838 23 



From which deduct the following repay- 
ments, viz : 

Navy yards, docks, and 

wharves - • $2,643 23 

Contingent prior to 1824 - 8,520 05 

Contingent for 1824 - 1,431 22 

Contingent for 1825 - 58 09 
Arrearages of contingent, 

marine corps - - 2,228 70 



4,233,983 71 



15,081 29 



PUBLIC DEBT. 

Interest on (he funded debt 

Redemption of 6 p&e cent, stock of 1813 

(7^ millions) - - . . 

Redemption of 6 per cent, stock of 1813 

(16 millions) . - - 

Redemption of 7 per cent, stock of 1815 
Reimbursement of Mississippi stock 
Principal and interest of Treasury notes 
Paying certain parts of domestic debt 



$4,218,902 45 



3,975,542 93 

5,062,402 60 

2,002,306 71 
25 00 
460 00 
327 17 
27 86 



24,103,398 46 



Tbeastirt Depab-tment, 

Register's Office, November 28, 1827. 

JOSEPH NOURSE, Rtgister. 



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REPORTS OF THE 



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SECRETARY OF THE TRE.lSnRY. 

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AU REPORTS OF THE [1827. 

U. 

STATEMENT of moneys received mie the Treasury, from all sources 
other them tMStoms and public lands, from the \at of January to the 
30M September, 1B27. 

From divideods on stock in the Bank of the United States $420,000 00 
awards under the first article treaty of 

Ghent, for slaves and other property $602,480 00 

arrearsof new direct lax - - 2,626 90 

new internal revenue - 18,149 23 

fees CD letters patent - - • 8,130 00 

cents coined at the mint - - 14,376 32 

postage of letters - - - lUl 00 

fines, penalties, and forfeitures - 20 00 
surplus emolument of officers of the 

customs - - - - 27,880 49 
interest on balances due by banks to 

the United States - - - 3,000 00 
nett proceeds of vessels condemned 
under the slave trade acts - - 4,791 18 
I a person unknown, stated to be on ac- 
count of duties on imports and tonnage " "" 



681,661 12 



balances of advances made in the War Department, 
repaid under the third section of the act of Ist May, 
1820 32,344 «& 

$1,133,906 lf> 

Treasury Depabtment, 

Register's OMct, November 28, 1827. 

JOSEPH NOURSE, Btgister. 



tizedoy Google 



1827.) 



SECRETARY OF THE TREASURY. 



426 



$936,306 07 



STA TEMENT of the espendiiitres of t/ie United -SKo/es, from the 
1st of January to the 30/A of September, 1827. 

CIVIL, MISCELLANEOUS, AND DIPLOMATIC, TIZ: 

Le^laUire .... $308,589 25 

Execatire departments - 394,437 74 

Officers of the mini - • - 7,200 00 

Sanrejrin^ department ■ < - 21,0] 1 54 
i^^mmissioner of the Public Buildings in 

Waahinglon .... 1,195 06 
Govemioents in the Territories of the 

United States .... 36,077 40 

Judiciary .... 167,694 08 

Annuities and grants - - - 1,600 00 • 

Mint establishment - - - 35,588 86 

VQclaimed merchandise - - 263 92 

Light-house establishment - - 203,678 68 

Surreys of public lands - • - 48,593 15 

Ke^isters and receivers of land offices ■ 2,631 14 
Preservation of the public archives in 

Florida .... 1,125 00 

Land claims in Florida Territory - 1,971 24 

Idud claims in St. Helena land district - 1,602 78 

Roads within the State of Ohio - - 2,452 90 

Roads within the State of Indiana 7,352 64 

Roads and canab in the State of Alabama 6,540 36 

Roads and canals in the State of Missouri 1,981 45 

Roads and canalsin the State of Mississippi 4,717 11 
Repairing the post-road between Chata- 

hoochie and Line creek, Alabama - 6,000 00 

Marine hospital establishment . 46,611 04 

Pnblic buildings in Washington . 135,727 35 

Appropriation of prize money - 2,202 60 
Payment of balances to collectors of new 

intemal revenue - - - 2,669 73 
Stock in the Louisville and Portland Ca- 
nal Company .... 30,000 00 
Payment of claims for property lost - 191 26 
Payment of claims for buildings destroyed 4,218 45 
Miscellaneous expraises - - - 48,060 29 

Diplonmtic department - 85,260 76 

Mission to the Congress of Panama - 17,022 08 

Contiogeutexpensesofforeignintercourse 18,609 00 

Relief and protectioQ of American seamen 26,631 90 

Treaty of Ghent, (6th and 7th articles) - 7,600 00 

Treaty of Ghent, (1st article) - - 10,206 44 

Claims on Spain - - ■ 1,817 72 

Treaties with Mediterranean powers - 21,606 64 



tizedoy Google 



REPORTS OP THE 



Awards nodei the 1st article of the trenty 
of Ghent . . - - 



[1827. 



MILITARY ESTABLIS 

Pay of the army 

Subsistence . - . - 

Forage - - - - - 

Quartennaster's department j 

Arrearages of quartermaster's depart. \ 

Arrearages of army 

Bounties and premiums 

Purchasing department 

Expenses of recruiting - 

Purchase of woollens for 1828 • 

Ordnance . . - 

Arming and equipping the militia 

Hospital department 

Armories 

Arsenals ... 

Arsenal at Vergennes 

Arsenal in Georgia 

Arsenal at St. Ixiuis 

Arsenal at Augusta, Maine 

Contingencies . - - 

Repairs and contingencies of fortifications 

Port Monroe 

Fort Calhoun - 

Fort Adams ... 

Fort Hamilton - 

Fort Jackson - 

Fort Delaware - 

Fort at Cape Fear 

Fort at Beaufort 

Fort at Bienvenue 

Port at Mobile Point 

Fort at Rjgolets - 

Armament of new fortifications - 

Surreys, Sec. of roads and canals 

Continuation of the Cumberland load 

Preservation of the Cumberland road 

Repairs of the Cumberland road 

Road from Memphis to Litde Roclc 

Road from Little Rock to Canton't Gibson 

Road from Fort Smith to Fort Towson 

King's road, from the Georgia line, (by 

St. Augustine to New Smyrna) 
Improving the Ohio and Mississippi rivers 
Improving the navigation of theOhio river 
Improving Hyannisliarbor, Massachusetts 
Improving Cleaveland harbor Ohio 
Improving Pascagoula harbor, Miss, river 
Deepening the harbor of Presque Isle - 



^IMBNT. 

»722,788 60 
171,199 40 
34,992 30 

322,600 13 

17,741 03 
11,163 87 
150,239 60 

8,460 14 
10,000 00 
16,116 57 
156,603 03 
21,147 84 
281,047 27 
31,664 96 

8,600 00 
14,286 69 
15,000 00 

3,081 60 
10,232 30 
22,918 73 
73,643 97 
38,526 24 
83,016 00 
68,034 09 
72,144 78 
1 28 
29,930 00 
44,364 42 
40,000 00 
72,951 46 
30,000 00 
39,064 40 
47,406 70 
118,000 00 

9,000 00 
610 00 

2,000 00 

2,000 00 

2,000 00 

3,000 00 
18,216 00 
9,000 00 
1,000 00 
1,500 00 
8,000 00 
5,484 81 



.„Gooj^lf 



1827.) SECRETARY OF THE TREASURY. 

Preservation of islands in Boston harbor - $9,115 27 

Repairs of Plymouth beach - - - 2,184 90 

Removing; obstructions in Huron creek, Ohio - 3,500 00 
Removing obstructions in Cunningham creek, 

Ohio 1,000 00 

Removing obstructions in Ashtabula creek, Ohio 9,698 00 

Removing obstructions in Grand river creek, O. 4,620 00 

Removing obstructions in Mobile harbor, Ala. 5,605 78 

Building piers on Steel's ledge, Belfast, Maine - 400 00 

Building piers at Buffalo creek - ■ 6,000 00 

Piers, beacon, &c., in the harbor of Saco, Maine 4,450 00 
Examining piers at Port Penn, Marcus Hook, 

and Fort Mifflin - - - - 100 00 
Survey of a canal from the Atlantic to the Gulf 

of Mexico 2,756 00 

Connecting (he Detroit and tlie river Raisin 

with the Maumee and Sandusky roads • 12,000 00 
Piera at the mouth of Oswego harbor, New 

York 3,533 06 

Piers at the mouth of Dimkirk harbor. New 

York 3,000 00 

Piers at Laplaisance bay, Michigan - - 1,000 00 

Bemoving obsCractions in Saugatuck river, &c. 1,600 00 

Boundary lines betweeu Geor^a and Florida 3,745 80 
Erection of a whorf at Fort Wolcott, Rhode 

Island - - - - - 500 00 
Purchase of a house and lot of land, Eastport, 

Maine ..... 1,800 00 
Purchase of lots at St. Augustine, Florida - 60U 00 
Barracks at Savannah ... 11,414 40 
Barracks at Michiiimackinac - - - 2,000 00 
Uilitary cantonment near St. Louis - - 10,108 18 
System of cavalry, artillery, and infantry exer- 
cise ..... 1,675 24 
Settlement of Georgia militia claims - - 50,600 00 
Military Academy, West Point - - 24,896 00 
Mape, plans, &c.. War Department • - 62 00 
Suppression of Indian aggressions on frontiers 

of Georgia and Florida - . - 10,887 81 

Revolutionary pensions - - - 796,381 93 

Invalid and half-pay pensions - - 172,033 86 

Pensions to widows and orphans - - 8,802 47 

Surveying the harbor of Church's cove, R. I. - 200 00 

Surveying the harbor of Stonington, Conn. - 200 00 
Surveying the roads from Detroit to Saginaw, 

Fort Gratiot, and Huron lake - ■ 1,500 00 
Opening and constructing the Detroit and Chi- 
cago roads - - - 20,000 00 
Relief of officers, &c,, engaged in Seminole 

campaign - - - - . 747 01 

Interest due the Slate of Pennsylvania - 17,677 60 

Relief of Captain Bi^^r's company of rungeis 4,474 41 



tizedoy Google 



428 REPORTS OF THE 

Payment of claims for property lost - $40 00 

Reliefof sundry indiTiduals • - 10,613 80 

Carrying into effect certain Indian treaties - 149,141 06 

Rations to Florida Indians - - - 30,016 96 

Relief of Florida Indians ■ - 18,750 26 
Running the line of land assigned to Florida 

Indians - - - - - 330 66 
Presents to Indians - ... - 13,390 45 
Contingencies of Indian department - - 98,377 94 
Creek treaties - - . - 96,464 61 
Treaty with the Choctaw and Chickasaw In- 
dians 2,445 37 

Effecting certain Indian treaties, act 20th May, 

1826 2,800 00 

RemoTal of the Creeks west of the Mississippi 29,080 82 

Civilization of Indians - - - 8,629 84 

Pay of Indian agents - - - 26,606 66 

Pay of sub-agents .... 11,840 36 

Indian annuities . . - . 206,443 24 

Treaty with the Choctaws, 3d March, 1821 - 146 00 

Choctaw schools, treaty 18th October, 1S20 • 7,074 67 



[1827. 



4,751,426 31 



From which deduct the following repayments : 
Fortifications - - . $53 19 

Survey of Marblehead and H(Jmes's 

hole . - - 96 82 

Road from Pensacola to St. Augustine 546 00 
Road from Colerain to Tampa tay - 84 00 
Holding treaties with Indians in In- 
diana - - - 2 27 
Road from Ohio to Detroit - - 373 88 



-$4,750,271 15 



NAVAL ESTABLISHMENT. 



l*ay of the navy afloat 
Pay of the navy shore stations 
Provisions ... 
Repairs of vessels 
Navy yards, docks, &c. 
Navy yard, Peasacola 
Medicmes and hospital stores - 
Ordnance and ordnance stores 
Ten sloops of war 
Repairs of sloops of war 
Gradual increase of the navy 
Gradual improvement of the navy 
Prohibition of the slave trade 
Superintendents, aztifioers, ^. 



$1,063,676 21 
136,730 14 
276,009 45 
344,936' 67 
174,039 63 
52,516 21 
26,631 84 
36,874 00 
184,804 21 
20,181 38 
626,962 61 
68,096 88 
26,661 69 
66,676 02 



tizedoy Google 



SECRETARY OF THE TREASURY. 



1827.] 

Suppression of piracy - 

Surrey of ihe harbors of Savannah, 

Brunswick, dtc. 
Arrearages prior to 1837 
Surveys ana estimates for dry docks 
Contingent, prior to lti34 
Cootingent for 1825 
Contingent, not enumerated, 1826 
Contingent for 1827 
Contingent, not enumerated, 1827 
Pay, &«., marine corps - 
Clollung, marine corps - 
Fuel, marine corps 
Hedicines, marine corps 
Barracks, marine corps - 
Mitary stores, marine corps 
Contingent, marine corps 
CcHitiogent arreai'ages, marine corps 
Contingent, additional, 1826, marine corps 



FVom which deduct the following repay- 
ments : 
Building barges - - $67 16 

Five schooners - - 68 33 

Svords and medals - - 579 62 

Contingent for 1824 - - 575 52 

Cootingent,notenumerated,l626 108 S8 
Contingent for 1826 - - 2,260 10 



$1,162 65 



1,503 00 


13,686 90 


2,707 27 


10,4S6 60 


■ 216 66 


3,384 31 


191,628 66 


929 37 


12r,267 48 


11,848 86 


3,413 31 


717 55 


149 41 


402 00 


8,619 27 


2,228 70 


e 308 06 


3,462,226 62 



$3,458,575 91 



PUBLIC DEBT. 

Interest on the funded debt - 2,652,983 49 
Redemption of six pet cent, stock of 1813, 

(loan of 16 millions) - - - 5,007,303 69 

Interest on Louisiana stodt • - 3,662 30 

Reimbursement of Mississippi stock - 74S 48 

P&ying certain parts of d<Hueatic debt - 21 12 
Paying the principal and interest of Trea- 

sory notes ... - 8,410 36 



From which deduct the following repay- 



Redemption of six per cent stock of 1813, 
(7| millions) 



7,673,033 43 

$ 17,896,390 96 
TBEAauaT Department, ' ~ 

Regi$tei'3 Office, Novmber 28, 1827. 

JOSEPH NOURSE, Begister. 

Google 



430 REPORTS OF THE [182T. 

No. 1. 

STATEMENT of the jmblic debt on the Ul of October, 1827. 

Three per cent, stock ..... $13,296,247 70 
Six per cent, stock of 1813 - - $4,244,687 07 

Six per cent, stock of 1614 - - 13,0y6,542 90 

Six per cent, stock of 1815 - - 9,490,099 10 



Five per cent, stock, (subscription to Bank 

United States) ... - 7,000,000 00 

Pivepercent. stock of 1820 - - 999,999 13 

Fiveper cent, stock of 1821 - - 4,735,296 30 

Exchanged five per cent, of 1822 - 56,704 77 

Four and a half per cent, stocks of 1824 ■ 10,000,000 00 

Exchanged 4A per cent, stock of 1824 - 4,454,727 95 

Exchanged4| percent, stock of 1825 - 1,539,336 16 



Total $6 8,913,541 OS 

Amount of the debt on the 1st of October, 1826, (per statement No, 3,) 
which accompanied the Secretary's report of the 12lh of December, 
1826 - . - - - - - $75,923,151 47 

Deduct six per cent, stock paid off, viz : 

On the 1st January, 1827 - - $2,002,306 71 

On the 1st July, 1827 - - - 5,007,303 68 

7,009,610 39 



Leavesthe amounl,on (he Istof October, 1827,a8 abovestated 68,913,541 08 
From which, by deducting the amount to be paid at the 

close of the present quarter . . - . 1,500,163 16 

Will leave, as the amount of the public debt on the 1st of 

January, 1828 - - ... . . $ 67,413,377 92 

The public debt on the 1st ofJanuary, 1825, amounted to $83,710,572 60 
Add 4A per cent, stock issued since, under the act of 26th 

May, 1824 - . - . $5,000,000 00 

And 3 per cent, stock - - - 16 25 

6,000,016 5 



)8,710,B88 85 



Deduct payments of principal, viz: 
In 1825 - . - . 7,726,034 88 

In 1826 .... 7,064,709 21 

In 1627, including payment at the close of 

theyoar - - - 6,507466 64 

21,297,210 93 

Amotmt, as above, on the Ist of January, 1828 $ 67,413,377 92 

TaKABURY Department, Register's OMce, Dee. 1, 1627. 

JOSEPH NOURSE, Rtgisttr. 



1827.] SECRETARY OP THE TREASURY. 431 

No. 2. 

ESTIMA TED AMO UNToJ Treamry notes outstanding on the 1st of 
October, 1827. 

Total amount issued, (as per No. 4 of last report) - - $36,680,794 

Tancelled end reported oa by the First Auditor • - 36,669,854 

Outstanding ...... $1(^40 

I'onsisting of small Treasury notes .... $2,180 

notes bearing interest - . . . 8,760 



Theasury Department, 

Register's OMce, December 8, 1827. 

JOSEPH NOURSE, Register. 



No. 3. 

^TA TEMENT of the stoci: issued under tlie act of Congress entitled 
'■'• An act supplementary to the act for the indemnification of certain 
daimanis of public lands in Ike Mississippi Territory" passed on the 
3d of March, 1815. 

.iiDount of claims awarded, per statement No. 5 of the last 
report $4,282,1 61 12^ 

Whereof there was paid in for lands, per said report • $2,447,539 39 
hiyments at the Treasury to the 30th Sep- 

lemher, 1826, per said statement - $1,827,215 56 

Payments from Ist October, 1826, to the 

30th September, 1827 ... 742 48 

1,827,958 04 

Balance outstanding on Ist October, 1827, consisting of— 

Certificates outstanding - 6,609 09 

Awards not applied for - - 44 601 

6,653 69i 

$4,282,151 12t 

Tbeasury Department, 

Regiater>a qSce, December 8. 1827. 

JOSEPH NOUKSE. Register. 



tizedoy Google 



REPORTS OF THE 



Treasury DEPAfiTMSNT, 

Moff 16, L83S 
Sir : I have the honor to transmit a letter of the Register of the 1^ 
sary, accompanied by statements, marked B and G, which were refermik' 
in the statement marked A, annexed to the annual report of this 6tftc. 
ment on the state of the finances, dated the 8th of December last, Stm- 
ment B exhibits, in detail, the duties on merchandise, tonnagej &«i ; ud 
statement C exhibits the amount of tonnage employed in the fore^ tndt 
of the United Slates. 

I have the honor to be, very respectfully, ' 

Your obedient servant, 

RICHARD K15H. 
The Hon. the President op the Senate. 



tizedoyGOOJ^If 



18S7.] 



SECRQTAftY OP THE TREASURY. 



A STATEMENT exhibUing the vcUues and quantities, respectively, of 
merchandise on which duties aUucMy accnud during' the year 1826, 
(eoMsting «/ the difference ietween arlkles paying duly, imported, 
and ihoae entitled to drawback, re-exported ;) and also, of the netlr'eve- 
ntie which accrued that year, from, duties <m merchandise, tonnage, 
p«saports, and ctearanets. 



MQICIUNDBE Pimo DUTin AD TlbOREM. 

! percenl. - 

. -, !i per cent. - 

3,8M,T10dcitUrs,U16 Mrcent. - 
4,E0S,965 doUmrs, at 90 percent - 
l7,6lS,lI4dollare,a[35 percent. • 
I,416,t66dollare,st30 percent. - 
5,8irk^ dollars, ii 33t per cenl. • 
S^^doll«rs,i[35 percent. - 



L Wines, S^TST, 893 gallons, al OS. 71 cents, average - 
a Spirits, 3,323,380 gallons, M43.Mcent>,averige - 

Holaaae^ 13,661,639 gallon), at 9 ceits - 
I Tew, 8,816,225 pounds, at 34.33 i:«nts,areTB^ - 

Cofiee, 36,449,356 poncds, at S etnts • 
4 Sugar, 7^1,451,591 DDoods, Bi 3.46 cents, areraee - 
S. Sftlt, 3,104,668 poinds, <IM cents - 

& All olber ariieles ---••- 



Dedt>et daiies refnnd'd, after deddctiM thcreOom daii< 
merctiMtdise, thpputicalarsofwbiclicanid not beat 



Pniies OB merchaodise 
Dniies o» lonna^ 
Light none; - 

Puiports and clearances 



Dedoet drawback on domestic refined sngkr 
drawback on domestie distilled spirits 
drawback nndei the convention with France 



«J 



S603 T2 
62,083 TO 
>73,706 5O 
18,693 (0 
03,03P50 
,34,8^80 
45,»l 67 
1,164 45 
37,056 60 
»),39l 00 



711,790 10 
1,446,5^ 00 
683,061 95 
I,0i6,140 48 
,322,467 80 
1,346,949 II 
690,933 60 
,953,944 10 



140,339 80 
18,140 94 
1,067 57 



90,811,390 33 
150,070 6& 



tizedoy Google 



REPORTS OF ;rHE 

Expianatortf Slaltmenta and Notes 



[18ST. 



Madciia - , - 

Bur^ndj and Cbftinptgiic 

Sber:y an4 ^L. Lucac 
Lisbon, OjKino, &.c. 
TiTieriffe, Faynl, &c. 
Clarei, &<:. l)i*Ini - 
Alt oUiei - 




1%<,M5 gallons, bi 100 ceiws 

38,(MlgAllM£,at Weents 

3i)fi,557galious, al 50cenis 

)r«,3I7«JloD5, al 40ceim 

IT/Jn gallons, a( UcMlU 

■J.043,^54 gallons, ai 15cent--< 



331 ,i)27 galloa-., at 4'2 cenu 

l",!!)? gallons, at 45 cetin 

'iO,:m gallons, al 48 cents 

(;,931gBUon«,al 33 cents 

8,516 gallons, ai GO cenK 

Cea,»K! gallons, al 36 cenu 

1 ,003,874 gallcns, al 4-3 ceni:^ 

1 ,234,41» gallon^ al 48 cenls 

3,371 gallons, at 70 cenl^ 



S1S8,515 00 

1I>,8»1 m 
154,2',8 50 
<it;,526 SO 
33,lfi6 1(1 

30b, 4H8 10 

7U,790 10 



11), 153 44 

3,604 U 

5,109 CO 

S60,6lii 36 

42I,CJ7 O'* 

593,544 &! 

1,659 70 



3. Teas— 

Bohea 
Souchonp - 
Hyson skin, Au. 
Hyson and yi>ung hyson - 
Imperial 
Extra duly on leas imponed from 
other plac~ ■' — "' — 



3,322.380 gallons 

T3:l,33rpuiincls,aL 12 ct 
1,5a0,0I<>poui^,ai'J5i-( 

S,205,5S(i pounds, at 36 ci 

4,407, 145 pounda,w40ci 

4G5 , 157 puLuids, M !J0 CI 



Ea than China 



22,598 53 
387,504 oe 
017, 5G4 08 
1,762,858 oe 
232,57Et 50 

3,037 32 



White, clayed, 4c. ■ 



Icnponed - bushels 

Exported - bushels 44,777 

Bounties anil allowances re- 
duced into bushels, al 30 
Genu - - - l,Md,416 



73,451,59 9 pounds . 

- 4.297,861 a 



tizedoy Google 



1S»?.J 



secretaeV of the treasury. 

Explanatory Stat»m*nts aud Notf!» — GoQtinaed. 



G. All other anklo. 


Onwuitj. 


Rate of 

duly. 


Cuiies, 




' 




OnU. 




Cupeling— Brussels, Wilum, &o. 


- yards 


54,380 


M 


827,190 00 


V«neliaQ and ingrain 


- do. 


cut, 793 


154,698 3ft 


all other 


. do. 


10,303 


a> 


3,060 00 


Canon baling 


- . do. 


1,787,507 


3t 


67,031 52 


Vinegar - " - - - . 


- gallons 


35,862 


r 


3,868 96 


Beer, ale, and porter, bouled 


- do. 


61,880 


eo 


13,376 00 


■^ , in ca.lB - 


do. 


7,5iG 


15 


1,137 40 




do. 




B5 




whale, and olher dsh 


ao. 


'56J 


15 


84 46 


olive, in casks 


- do. 


36,103 


25 


6,377 25 




. do. 




40 




linseed 


- do. 


137,730 


S5 


3t,432 50 


hempseed 


- do. 




«5 




rapeseed 


. do. 




25 




Cc«oa "^ - . . 




l,6ie,C91 


2 


39,933 83 


Chocolate . . , . 


'"dT 


2,25« 


4 


90 34 


Sagar, candy 


do. 


491 


13 


58 93 


loaf- - 


. *»■ 


1,866 


18 


333 93 


olher, retinad 




623 


10 


63 30 


Fnuls — AMoDds - 


. . ^. 


591,483 


3 


15,644 49 


CurniDls - 


do. 


443,419 


3 


13,273 57 


Prunes and plums 


do. 


141,464 


4 


5,658 56 


Figs . . 
Raisins, jar, and Muscatel 


do. 


479,018 


3 


14,371 44 


do. 


3,561,9^ 


4 


102,476 92 


other - 


do. 


3,309,396 


3 


69,378 88 


CuidJes, tallow 


do. 




fi 






do. 


" 165 


6 


990 


spermaceti 
Cheese . . . - 


do. 
do. 


33 
37,839 


8 
9 


264 
3,406 51 


Talfow - ^ • - 


do. 
do. 


272,949 


1 


2,799 49* 


Lard - - - - 


do. 


213 


3 


6S 


Beef and pork - 
Hams and other b*>"i ' 


d<l. 








do. 


44,697 


3 


1,340 91 


Bimer - , ■ 


do. 


2,707 


5 


136 35 


SaJnetre, refine ■ 
Cainphw, cn>* - 


do. 


7,040 


3 


911 90 


do. 


60,887 


8 


4,870 96 


*" Voed - - - 


do. 


3,336 


13 


4W«0 


bits, E»«!^ - • . - 
*.ice*-^*7entie pepper . 

IS' : : : " 

Nnlmegs - - . - 


do. 


6.787 


4 


37148 


do. 


137 


16 


goK 


do. 
do. 

do. 


3,673 


fl 


63« 








Cinnamon 


do. 


10,596 


S5- 


9,649 00 


Cloves . - . - 


do. 


56,002 


35 


14,000 50 


Pepper - 


' do. 


651,0% 


8 


aS,086«' 


Pimento ■ - . - 


* do. 


223.404 


« 


13,344 94 


Caasia .... 


do. 


53«,963 


6 


32,217 72 




« do. 
do. 
do. 


13,673 


10 


1,357 30 


ladifo : : : : " 


696,676 


16 


104,531 « 


OOMDD .... 


do. 


37,176 


S 


815 90 


fSST". : : : . 


do. 
do. 


38,441 
160,900 


8 
S 


3,075 38 
.4,837 00 


<Bm 


do. 


IS.OM 


5 


60190 




do. 


903,010 


1 


••IS 8 


Inml 


do. 


6,3W 


1) 


while and ndletd. 


do. 


1,690,936 


V 


67,637 44 


whiting - 


do. 


*;o,8c 


t 


3,TI»43 


LMd-iug,bv,tutibeel -. 


do. 


3,M9,eH 


t 


68,99eBa 



,Google 



KEPOBTS OF TBB 
ExTplmalory StatmunUand ^fttfe«— ConUnned. 



[lev. 



«. AlloAwMliclat 


Oiamit]'. 


Rate of 


DnUes. 








Ccnti. 




Le«d,8Jwl 


poonds 


&i,B63 


3t 


81,849 85 


CsbhB, UTTfd - . - - 


do. 








Cord«ge,tm«l - 

nniantd . . - ■ 


do. 
do. 


60,»7 


5 


3,044 36 


TVIDC, tUktUrtd TBTD, &C. 

Ooita 


do. 

do. 


S33,43a 
I38,M6 


6 
13 


11,671 90 
16,415 93 


Cafvcr— rods uid bolls - 
^•^^ noils and ipiktt - 


do. 


36,330 


4 


^'^S 


do. 


I,I6S 


4 


44 56 


Fire-anas— nmalcets 


No. 








rifles - • ■ 


do. 


161 


950 


409 50 


Iron and steel wiro, not above No. |8 


potmds 


(39,667 


5 


31,969 85 


•bore No. 18. 


do. 


318,TJ« 


9 


19,689 84 


tKks, brads, *c., Dot above 16 o> 


M. 


16, 4W 


5 


830 00 


above Wm. • 


pounds 


1,351 


5 


67 55 


nails «■ 


'do. 


191,569 




9,678 10 


tS^: : : ■ 


do. 


96,191 




1,071 64 


do. 


381,394 




11,438 89 


millcruiki - 


%.' 


S0& 

t,506 


100 


820 

i,n)eoo 


IMlhOTS 


ifcuMs 


67,45S 




1,349 M 


anvils 


do. 


44S,94< 




8,918 99 




do. 


M,693 


91 


364 89 


callings, Teasels of - 


do. 


4*5,393 


1) 


6,660 8« 


^^ Olh« 


do. 


630|396 




6,303 9« 


rooud and bmiiert rads - 


do. 


409,119 




ia,975 37 


aul and spike lods - 
sbeetandW 
■Ut and rolled 


- do. 

. do. 


=,as 




11.867 86 
67,305 78 


do. 


^% 




340 Ifl 


K5,„M ; : 


CWl. 


60 


17,884 50 


- do. 


TO, sib 


150 


118,974 OD 


bamneBMi 


- do. 


385,09& 


90 


346,685 50 


Aecl - - - - 


do. 


15,197 


MW 


15,797 00 


Hemp . . - • 


do. 


78,451 


1? 


196,789 S6 


Alni .... 


do. 

do. 

. do. 


4 

4,536 

39 


60 


MOO 

9,079 00 

19 60 


Coal .... 


. hushels 


1,013,099 


6 


60,736 59 


VkeM . . ■ - 


- do. 


1,157 


95 


389 95 


OaM . . . - 


- do. 


19,759 


10 


1,375 90 


Folaloes . - - - 


do. 


67,m 


M 


S717'» 


Bjper-Jblio and IW poet - 


. do. 
- do. 


4,773 


SO 


154 40 


1,M8 

9,119 


10 

s 


16*80 
973 ^l 


2io5sr . 


. do. 


40,896 


16 


6,059 4( 


Luin and (£eek, boan< - 


- do. 
do. 


111,9W 


4 


4,449 « 


- do. 


7,941 


15 


1,191 1 


infaoaids 


do. 


3,761 


IS 


3SBSE 


aaoiUr.bonnd - 


- do. 


9,869 


ao 


9,9i7« 


teboaris 


- do. 


40,708 


BG 


10,96411 


CHaM-eiU, and aa specified 


- do. 


"*2S 


3 


IMS 


■FoUwr - ■ 


- do. 


911,838 


9 


lB,aMS 


■PHbecarits' vials, aMateve 4 « 


t. gross 


5 144 


IW 


5,144 a 


UtaboreSo) 


do. 


407 


19fi 


6H 9 


toltks, not above om qmurt 


■ do. 


94,57S 


S8D 


40,159 01 


rMqittiu 


. do. 


469 


SOO 


1,147 6C 


ToMrqaaitt 


• do. 


39 


300 


66 OO 




- ioasq.n. 


767 


tWi 


9,301 M 


nt9U 


- do. 


441 


im 


1,M*M 



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7.} SECRETARY OP THE TREASURY. 

Explanatory Slatemenia and Notts — Continued. 



e. AUMhe 


atiiclcs. 


aaantily. 


Oateof 

dntjr. 


Duties. 










cms. 




OlaM— viBdow, above 10 by 12 - tOO aq. feet 




3,961 


400 


»1I,SUM 


wDcat, Id plates - 






do. 




964 


400 


1,666 00 


demijobm 






No, 




60,088 


3S 


15 033 00 


Ffeb-dried or smoked - 






'jsa 




60& 


100 


605 00 


salmon - 








l,88D 


900 


3,918 00 


mackerel - 






do. 




89 


160 


133 50 


all other - 






do. 




334 


100 


934 00 


Shoes and slippers, aillc 
prone lie - 
leather, men's, &c. 






pairs 




1,043 


30 


313 60 






X 




1,068 


3S 


SWOO 






do. 




3,843 


35 


960 75 


duldrea's 






do. 










Boou and bootees 






do. 




151 


150 


336 50 


Stgars - 






M. 




15,617 


^ 


39,043 50 


Flajing cards - 






packs 




1,354 


30 


406 3D 


KuBia dock ' 


pieces 


%■ 


3 


300 


400 




3,063,137 43 










CMoroil - 


99gaUoD3,U 40 cents 






S33 60 




Cudle. IBllow • 


15,371 poonds, at Scents 






768 55 




Bttf and p^rk ■ ' 


I8,2T7 pounds, ai 4 cents 






731 06 




303,399 pound!, at 3 ccDIs 




4,044 58 




Iface - - . 


10,149 ponnds, at 100 cents 




10,149 00 




Nutmegs - 


3,6M poTiDds, at 60 cents 




3,193 00 




aanff^ - 


471 poonds, at 13 cents 






56 53 




CiMe?, tarred 


55,891 poand5,Bt 4 cents 




2,335 64 




Co^dag^ tarred - 


305,333 pounds, at 4 cents 
3,185 No. at 150 cents 






,313 88 




Hoskels - 






,377 60 




P^r 


445,194 pounds, at 17 cents 




75,689 9B 
















1775 ■ - - 


8,054 pounds, at 4 cents 






333 16 




Shoes, children's - 


670 pain, at 15 cents 






100 50 




Hempseed oU - 


4,074 galloos, at 35 cents 






,018 50 




BlneTitriol 


9,171 pounds, at 4 cents 




366 B4 


109,183 33 










^ 






Carried to St 


aiemenlB 




tl, 953,944 to 



t,i.a,Google 



43B REPOaTS OF THE [1827. 

C. 

A STATEMENT txhibUing the amount of American oiid foreign 
tonnage, employed in the foreign trade of the United Stales, dtiring 
tke year ending on the 3\st day of December, 1826. 

Afnerican tonnage in foreign trad« ... Tons 910,(i35 
Foreign Uimiiige in foragn trade - - - 130,716 

Total tonnage «mplDyed in the foreign trade of the 

Uailed Statfii . - . . . 1 ,031,351 

Proportion of foreign tonnage to tlw whole amount of 
tlie tonnage employed ib the foreign trade of the 
United States . - . . . 11.7 to 100 



TaEAsuRT Department, 

Register's Office, Map 15, 1828. 

JOSEPH NOURSE, Registei 



tizedoy Google 



1388.J SECRETARY OF THE TREASURY. 



REPORT ON THE FINANCES. 
DECEMBER, 1828. 



In laying before Congress the nnnual report from the Treasury for the 
present year ihe occasion is deemed n fit one for presenting, in connexion 
with it- a hrief rrtrospect of the principal financial operiitioqs and results o{ 
ibc three years preceding. 

.Is preliminary, it may be proper to renwrlt, that the receipts for the 
present year are likely to reach a sum greater than that at which they 
were estimated when Congress assembled last year: whilst the e::penditures, 
always confi'ned within limits prescribed by the law, have not gone beyond 
ihose Ilinils. The only exception (o this previous limitation upon expendi- 
ture applies to the public debt, for the reduction of which larger sums may 
be paid than are regularly set apart for the service of the year, provided 
ihere be surplus funds in the Treasury to admit of it. This has proved to 
be the case during the present year. ' 

In the summary retrospect wliich it is proposed to give, the state of the 
public debt will claim the first attention. Such is the interest which the 
nation is kuown to take in its extinguishment, that \vhat is done at the 
Treasury, from year to yearj under the injunctions of the laws, towards (his 
end, cannot be too distinctly set forth. Amongst the highest duties of a 
nation, is faithfully to keep to its pecuniary engagements ; an^ there need 
he no better demonstration of its pecuniary ability, than when it is seen to 
pay off witli promptitude and punctuality its funded debt. 

There was paid m 1825,on account of the debt, the sum of twelve million 
ninety-nine thousand and forty-four dollars and seventy-eight cents. This 
sum was not all derived, as will be seen hereafter, from surplus revenue, 
hi lS8ti,lhere were paid $11,039,441 tJO,aH from surplus revenue; in 1827, 
110,001,585 93) from surplus revenue; and in 1828, there will have been 
paid, by the close of the year, also from surplus reventie, $12,163,566 90; 
making for the four years, forty-five million three hundred and three thou- 
sand six hundred and forty-two dollars twenty-six cents. Of this sum 
.^30,373,188 01 were applied to the principal, and 814,1)30,454 23 to the 
interest of the debt; the whole of the former having gone towards the re- 
duction of that part of it which hfears an interest qf six per cent. 

The act of Congress of tho 3d of March, 1817, commnuly called the 
sinking fund act, appropriates the annual sum often millions of dollars for 
the purpose of gradually sinking or paying offthepublicdebtof the nation. 
This sum includes alt payments on account of interest, which are invariably 
made from quarter to quarter, leaving the remainder to be applied, as far as 
it will go, to the reduction of the principal. Up to the year 1825, the ex- 
pectation of this act had not, in one sense, been alwajra fully met. The 
annual interest was ever scrupulously paid as the quarter camfc round; but 
there had not been during every year a sufficient residue to be applied to ilie 
principal, to make up the entire sum of ten millions of dollars. Sometimes, 
too, there was not a sufficient amount of debt redeemable under the laws, in 



tizedoy Google 



440 REPORTS OF THE [1328. 

the coarse of a jwr, to allow of the full payment of ten millioDS, even if the 
surplus funds of the Treasury had been equal lo the operation. The inabili- 
ty of the Treasury, where it may have ezistctdi to reduce the principal of the 
debt, every year, by the piec^ amount contenaplated in the sinking iund 
act, neither broke faith nor caused complaint with the public creditor; for 
whatever the considerations of pubUc pdicy that have made the rapid extin- 
^ishment of the debt a favorite object with the nation, it is known that the 

fiublic creditor rej^rds it, individually, as a hardship to be paid ofT. His re- 
iance upon the faith and resources of the nation is so unbounded, that he 
prefers to let his capital stock remain in its hands, subject only to his calls 
for the interest. But since the close of 1825, such has been the state of the 
Treasury, from the increasing solidity of the national resources, that, Dot only 
has the annual requisition of the sinking fund act been complied with, but 
still mdre has been done. At the beginnmg of that year, the whole sum paid 
under tlie act, during; the seven years of its operation in reduction of the prin- 
cipal oPthe debt, (me operation of the act not having regularly commenced 
until 1818,) fell short, by a sum exceeding three millions of dolhirs, of the 
amount that it would have reached, had the full ten millions been paid in prin- 
cipal and interest, during each of the seven years in question. Since the 
close of L825, (or, more correctly, since the eommencement of 1826,) this 
deficiency has been countervailed, by such an excess of annual paymeuts 
towards the principal of the debt, as to leave, in the languoge of the Trea- 
sury, no arrears now due lo the sinking fund, or none of importance. la 
other words, looking back upon the whole time that has elapsed since (he 
sinking fund act went into operation, it can now be staled, that, takinz 
one year with another, there have been mode (with the exception of a small 
fractional sum) the full average payments of ten millions of dollars annually, 
in principal and interest, on account of the public debt. This result has 
been, in a great degree, produced by tlie payments which will have been made 
during the present year in reduction of the principal. Five million four 
hintdred and sixty-three dollars and twelve cents were paid on the 1st of 
July, and it is intended to pay $4,050,780 77 on the 1st of January ; 
making for the whole year, including a small balance of Treasury notes u> 
be paid off, and a minute fraction of the old registered debt, nine million 
sixty-one thousand four hundred and ninety-six dollars nineteen cents. The 
Committee on Finance of the Senate, in their valuable report to that body 
in April last, on the state of the public debt, referring lo the foregoing pay- 
ment which it was then in contemplation to make on the 1st of July, ex- 
pressed their hope that a considerable reduction of the arrears due to the 
sinking fund would probably be effected in the course of this year. The 
hope is amply realized. The large amount of the payment to be made on 
the 1st of January was justified in the opinion of the commissioners of 
the sinking fund, by the receipts into the Treasury since the payment ia 
July was resolved upon, which were greater than had beec anticipated, and 
by those tfiat were reasonably anticipated for the fourth quarter of the year. 
The total sum that will have been paid on account of the debt, from the 
1st of January, 1817, the year in which the sinking fund act passed, to 
tbe 1st of January next, will be one hundred and forty-six million six 
hundred and sixty-nine thousand seven hundred and seventy-three dollars 
forty eight cents. Of this sum, $88,834,108 66 were paid on account of 
principal and $67,836,664 83 on account of imerest. The extra payn^enU 
on account of the principal, (more than could havebeea covered by the an- 



tizedoy Google 



laaa] secretary of the treasury. 441 

Dual approprUtwD of ten millioBS,) ooBiprshend mtvat obtained on loan ht a 
lowBT interest Uiaa six par ceot, to replace stock paid off at that interest, 
aod 8U11U that had accumulated in the 'rreasury in 1817, partly under the 
e&ct of the double duty system, before the piB^efltiTa.operation of the act 
began. The national debt has been positiv^ lessened in amount by ttte 
nuD of sixty-five milLion one hundred and tveitty-niue tboBsand eight 
hHodred aod twenty-aine ddiars and thirty-eight cents, since the 1st of 
January, 1817, by Burplus fiinds. The whole of tliis last menliooed sum, 
w paid o^ was boirowad at six per cetit., or more thou six, with the ex- 
ception of a soudl (tmouDt of Treasury notes and some Mississippi stock. 
It is tacts hke these that trttestthetruachaiaoterandvaluetrfaankmgfund. 
NoQe can be effectively such, but where income exceeds expenditure; and 
where a deu sur[du5 from the former is steadily apphed to the diminution 
of the debt. Such is the sialdn^ fund uct of the United States, an^ such 
have been the results of its (iteration; results which it cannot be otherwise 
ibau acc^ilable to the aaUoo to learn. The whole remainiug' debt t'bat the 
natioti will owe on the Ist of January ensuing, will be, io its oominal 
UBouut, fifty-eight milhon three hundred and sixty^two thousaad one hun- 
dred and thirty-five dollars seventy-eight cents. Bnt from this amount 
ihotild be taken seven millions of dollars, being so much of apparent debt 
only, in the shape of subsGrifMioit to the Mock of the Bank of the United 
Slates, the nation owning a like sum in ibe stock of the bank, upon which 
dirideDds are punctually paid. Of the sum that will remain, namely, 
$al,^(>2,135 78) the old revolntionary three per cmiIs constitute more than 
thirteen millions of dollars. By this exhiJHtion of the state of the debt, it 
vilt be seen to how small an amount it has &ll«i, under a faithful enforce- 
meut of the sinking fund act, in the space of eleven years. In the past ef- 
fects of this act we liave ihepledge of its iiiture efficacy. As each successive 
year incxeoses the proportion ot principal tliat is paid off, diminishing that 
(^interest, it is easy to aaticipate in how short a time the nation, under the 
contiQued action of the fund, will be released trom all charges whatever, on 
account of the debt, by its final extinguishment. Assutmng its stated ap- 
pn^iation of ten milliona to be forerun in the same proportion in future 
years as it has beeurthis year, the debt will, in effect, be totally paid off in 
little more than four years. 

An evidence of the stable resources of a country, actual and prospective, 
is to be found in the prices which ite fundeddebtbeoisinthe money market. 

A financial exposition and review, like the present, naturally embraces 
some general allnsion to this poinl- The stocks of the United States ke^ 
at an elevation above par, indicative of the b%h credit of the Government; 
the more remarkable, Irom the consideration that they are redeemable at 
short period^ and quickly redeemed, in fact, as the periods arrive. The 
three per cents, being those which it is presumed wiU be redeemed latf, a, 
circnmstance known always to echance the value of slock, where puhbe 
confidence attaches to it, stand, accordingly, at the hu;be)t rate; being a 
^vorite stock abroad as well as at home. 1fW the last four years, this por- 
tion of the public stock hw beat at a price ranging, in the maki, from ^ t* 
85; nor has it been always (Attainable, such is the demand ibr it, even at that 
nte. The heavy fall of sto^ in England, towarda the clese of 1825, af- 
fected those of this couatry lesa than might have been anticipated, from the 
coimexious of buaiaess between the two counU^es ; and servea to show the 
value of those of this Government, even under ustowaid eccunenoes, in 
that great centre of the commercial world. 



tizedoy Google 



418 REPORTS OF THE [1SS8. 

The precise amount and kinds of stock of which the piiMic deftit will 
consist on the 1st of January next, with the periods of redemption, will be 
seen in detail in the document No. 1, annexed to this report. It is not 
deemed necessary to say any (hing more under this head, except barely to 
add, that the §16,000,463 Id, that were paid off on the 1st of July last, con- 
sisted of $2,744,423 91 of the six per cent, slock created by the act of Con- 
gress of the 8th of February 1813, being all that was left of that stock; 
and of $2,256,039 21 of the six per cent, stock created by the act of the 
24th of March, 1H14. The $4,050,780 77 intended to be paid at the cloeft 
of the present year, consist of the six per cent, stock, also created by the last 
mentioned act, but denominated the loan of the 22d of August, 1814; being, 
in like manner, all thatremains unpaid of that particular loan. 

The_ general state of the foreign commerce of the country will nex e 
given." This will best make known thesurptus productions of itssoil, and 
thoee other sources of its industry which consthute the basis of its foreign 
commerce. The importations into the United Stales, during the last four 
years, amount in value to three hundred and fifty million two hundred atid 
two thousand four hundred and sixty-nine dollars. Those for a portion of 
the present year are here given by probable estimate, rather than certain 
loiowledge. The exportations for the same four years, calculated in the 
same way, amount to three hundred and ihirty-eeven millioa two hundred 
and two thousand four hundred and twenty-six dollars; of the latter, 
$233,069,035 were of domestic produce and mauufacture, and $104,1 33,391 
were re-exportations of foreign commodities. The importations for the four 
years preceding, or from 1821 to 1884, (both inclusive,) amounted to three 
hundred and three million nine hundred and fifly-five thousand five hun- 
dred and thirty-nine dollars; and the expertations to two hundred and 
eighty-seven million eight hundred and twenty thousand three hundred 
and fifty dollars. Of the latter, $191,350,881 were of domestic produce and 
manufacture, and $96,469,469 re-exportations of foreign articles. 

The receipts into this Treasury during tlielastfour years, (these being al- 
ways chiefly dependant upon the importations,) amount to ninety seven mil- 
lion nine hundred and fifty-seven Ihonsand five hundred and fifty-nine 
dollars and eighty-six cents. Those for the present year are here also given, 
in part, by estimate. The estimates may deviate ftom accuracy, but not to 
an extent to thwart the general conclusions that are in view. The expend- 
itures for the same time, calculated in the same way, may be staled at 
ninety-five million five hundred and eighty -five thousand five hundred and 
eighteen dollars and eighty-five cents. Of this sum, besides what was ap- 
plied to the public debt, about fourteen millions will have been expended on 
internal works designed to improve the condition of tlie country, or othM"- 
wise on objects not belonging to the mere annual support of Oovernment, 
in its civil, military, and naval establishments. The receipts for the fonr 
years that preceded were eighty-four million seven hundred and twenty- 
eight thousand and ten dollars and seventy-one cents ; and the expenditures 
eighty-three million nine hundred and sevaity-nine thousand eight hun- 
dwd and seventy-fonr dollars and seventy-nine cents. Ten millions of dol- 
lars obtained by loans, are included in the receipts of the four years last men- 
tioned; and five millicms, so obtained, came into the Treasury during the 
first year of the other series, viz: in 1825. This loan of five millions was pro- 
cared under an act of Congress of May, 1824, at four and a half per cent., not 
from anydeficiencyof revenue, bnt for the purpose of payingan equal amount 



tizedoy Google 



laaaj secretihy op the tbeasury. 443 . 

oftbepubticdebtatfiis'percMit Itezplains what vas said of thepayment 
that was made on account of the debt in 18^ not hsving aU been from snr- 
[rins rerenae. The kmns, amonntin^ to ten millions, embraced in the first 
series of foar years, were obtained vith a vietf' (exchisive of the sum applied 
to the panthoGlB of Florida) to similar changes in the- debt. It has been the 
policy of tiie Treaiury Deputment td reconimend, froni time to time, tliese 
changes of stock, from a higl), to stock bearing a lower rate of interest ; it 
appearing to be unjust to the nation, that, imdfr an ^itire alteration of cir- 
camstances since the time when it may have boirowed money, it should con- 
tiime to pay more in the shape (rf interest than individuab pay ; the credit 
<rf the nation transoendtng that of individuals as mnch as do its rpsonrces. 

This remark necessarily implies the right, on thepartof tbeOovernment, 
so to change its stock, from Ae time of redemplion having arrived, to that 
winch beats a high interest ; and which may, therefore, without objection, 
be paid off by a new loan obtained at a reduced interest. 

Deducting the amount of receipts irora these beneficial loans during the 
two periods reviewed, the absolate increase of revenue, during the second 
period, is fonnd lo ezeeed eigfatean milhons of dollars. The whole of this in- 
creftse has been in the oustoniB. It amounts, in each year, to an average of 
store than twenty>fbar per cent. Whilst the increase in receipts has beeo 
at this TBte, the increased expenditure, aside from what has been paid to- 
wards the redtietioD of die debt, has been less than ten per cent, and the 
latter has been chiefly oaused by internal improvements. The increase in 
noeipis may be accounted for, in part, but not at all to this extent, by the 
inereased duties underthe tariff of 1834. The imports, during the four years 
aiding with 1828, exceed those of the preceding four years by an average 
of more than fifiesn p«r cent, in each yenr. The exports of domestic pro- 
duce, for the four years ending with 1828, exceed those of the four years 
ending with 1624 by an average of more than twenty-one per cent, in each 
year. The increase in ^>e caasuinption of foreign articles^ during the same 
time, has been, on an nverdge, upwards of eighteen per cent, in each year. 

It is believed that the shipping of the United States will be found to have 
iaereased, during, tlie lost four years, in a fair ratio with their commerce and 
revenue. The istnms vHder tins beadi are not snfitciently complete, at the 
]neaeDt moment, to speak with precision. It is certain that the whole mer< 
cBDtile shipping of the Union, mchiding that employed in (he coasting trade, 
as well as all that is etnbarked in finreign commerce and the fisheries, exceeds 
at this time fifteen hundred thousand tons. That of no other nation is pro- 
bably as lai^ England excepted. In 18(8, the tonnage of the Union was 
bat little more than twelve hundred ihousuid. Its greatest increase since 
that year, was in one of the years under eraminaticm, viz: in 1826. The 
profits of fteight upon this large amtmnt of tonnage, the ships of the United 
States being almost exclusively the carriers of the cormnerce of the nalkna, 
centre at home, and make a large addition to the 8tO(^ of capital at home. 

The ibrcgodng statements inoioale a steady advance in the national pros- 
perity. The reality of this advance is only to be measured by a^regate re- 
snlts, nwm-tained at jvoper intETvals of time. It is usefiil to present sut^ re- 
solts. They show the general condition of the comitry, viewed, not in parts, 
bni under one uftdivided whote. They attest the positive growth of its 
riches, and the rapidity of tbe growth by comparison. They alford resting 
points for doubtful onions, when all desire to arrive at those that may ap- 
pear best supported t^ resnlls. No aiogle eye ood take tfann all in, unassist- 



tizedoy Google 



444 HBFOBTS OF THB [ISB, 

ed by the aothraitk raUiniB irhieh H ia tbe pnmBw of fte OoveniaaBat, add 
dubfly of tlM d^urtmeBt of the Troa^iry, to -watek orer tud promutgaley 
cndeaTormg also to trace them to their cwnss. A SM» ivtiose natontl re- 
ssurces ana territory are abuodant, wiiase institOtioDS an ft9e, and whose 
iateresta are diversified, may wit&ess oecaauNi^ and tetupwary pressun upoa 
some of those interests, whilot all tb« gttat bisiiehafi of ils iodoMry are In 
course of sure devMopment. But tranaioDt incouTmience is lost in tha 
a^xre^te pro^>erky, and mvst, in the end, partiapate in that prosperity. It 
is tiins that great stales, under ■uoeeorfnl syslea* of UgislatioD, go omrard 
in their career of riches and pov«r. Not oikly has diera been a marked in- 
crease of iniportations and reveimeHi the UnM^d States, during tbe last four 
years, and of exportation of domertk ootnmodities^ bnt a like diudQatison in 
re-ezportatioas. The latter is rery striking ; and justifiea the in^ence, not 
merely of an increased desira to imp(»t fi>r the purpoao oi maetiDg the «cai- 
tingencies of trade or specnlatioD, bat of an iDcreasad ability in the eonotiy 
to purchase and nse foreign fobrics. The increaaod conoumptaon of the lat- 
ter, and the increase in revenue, have exceeded the ratio of the ineieaae of 
duties under the tariff of 1834, and the presumed incvease of pc^nlation afao. 
The exports of domestic products hare increased more than fo«r-ftdd fintar 
than the increase of population, as given by tJw cewas at periods the maat 
JAToraUe. These facia caoiwt mislead. They pokt to an unequivocal ii»- 
cnase, so far, in the prosperity •( the nation. Statistical tcstimonialB far a 
single year, or fer more tban one, may rise or fall in anunDt, firom oauMs 
that postpone all permanent ccmclusions ; but where they are seen to gooa 
in an increaaing train, throughout a succession of years, it is rational to a»- 
cribe them to causes b^nniugto assume a fixed character. If ve review the 
last four years OS a period of time in oommeroial histary, we find little in the 
circamstances of the world, either from genend war, or otherwise, to afibot 
fivogn markets beyoiid the ordinary fiuctuatitms incident to trade at aU 
times. The extraordinary operations in the eotton market, that fell upm 
the lirst of these years, viz : 1836, are not cocieeived to impair the apphca^ 
bility of the remark, becuise there has been lime enough for diminishra «x- 
pertations, as a consequence of the large exponadons of Aat yesr. "So teiut, 
indeed, of eiffkt years, since the estaUishment of the OovBrnment, has been 
so exempt from the influence of external events that dnturb the re^ar ope- 
ratioDs of national industry and cooxnerce, as the last eight. None, there- 
fiHe, could be so fairly taken for the comporatiTe ctalemeDis that have been 
nude. It does not escape recollection, that from 1791 to 1816, the»' wero 
epochs when the foieign oommeroe of the country advaocad with even mora 
sapidity ^n is here stated — when it was gre^ex, abselni^y, and therefors 
greater in proporticHi to the pt^Iation. of the coutitry. But, during thatt 
rang inter^l, there prevailed in Earope, with scarcely a perc^rtiblc inter- 
raptioa, desolating wars, which created an ai^wniUeied demand foe onr 
sta{^e prodiKtioas, and brenght Ihem up to extravagaiU prices. This, with 
oar neutral altitude, which gave to our carrying trade a scofie ahnost un- 
hounded, nised expoTltUions and importations to an artificial intchrthat can 
Barer be recurred to as a standard of compariBon for commerce, under cir- 
cntastances muc ordinary and regular. It is known that, daring portima 
of that interval, onr trade in fore^ produce ^ rauMaded that in domestic 
fi is wholly otherwise new. IHie mere prote on mir tcnnage at that 
easier day of the re^blic, by the coital which it iatrndiiccd, gave, of itael^ 
the capacity for a» enlarged oooBHinptMMi of foreign ardoles, on a ooBfiara- 
tively smaller basis of population. 



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188&] SECRETARY OP THE TEEASURY. 445 

Tbe iodeased contanipliMi of fivei^ artiolea in the United States, dar- 
iag the laat ibtir ysais, as oooipfmd with the fiiut that preceded, may, it is 
beuered, be ascribed, in no inconaiderable d^reo, to the odTBDcea whidi 
faome labor has been makio^ in vtrioiis van, in tba country, aiace 1824. 
The creation and aatxliriawD of home labor must htias new wealth to 
diis coarrtry, as they ever hsre to othee countries ; and with it an increased 
ability to 'bay ardcles of all Icinds. The reports from this departmMit, 
within these fonr yeai^ have rei^ectfally, bat eameMly, ur^ed upon Con- 
gresa the expediency of feBterinjr numofiiotani^ labor, under the conviction, 
daepiy eatrntained, that inilflineeesB ia largely to be found the true ground- 
worh of Snaocial pow«. it will aUimately unfohi the meaoB of providing >, 
nraoue for the public wants, whea wax or other external ervenls, not to bel 
eoiUxDlled, nay alnidge foreign commerce. How difficult it has been,! 



i, to obtain any effi^ent aqipties of rereoue from aonrces of inter* " 
sal indDStiy and wealth, when attch vicissitiuleshaTe happened, the finan- 
cial history of tbe coontry in tines pwt sufficiently makes known, impart- 
ing admonition &r the futui& The department ha& no less strenuously 
inculcated tbe poliey of important amendmentE in our commercial code, by 
knreriog tbe duties npos foie^ axticlas that were indijcat^; especially 
Mas ; by remoring the diaekles which bind down the merchant in his trade 
of ra-expottatiim ; and by a liberal extension of die WHreboufiing system, 
which, with tbe abolition of all transit duties, might more and more tend 
to Iffii^; tbe prodnotioBs of all parte of the world into deposite at our ports, 
iheaoe to be distributed, and principdiy by our own sbips, wherever mar- 
kets might itnite them. It was bebered that, with tbe estaUiBfam«it oef 
naotJ&etnres at hon^ £>reign cawBnca would aUJoiately expand ; but it 
eantinues to be beUered diat the lattdi will never get to its full height ia 
tbe United States, untit aided by tbe lava in the ways reEoousended. The 
nwchant, like the manatao&mr, raquirea, at proper junctures, the helping 
band of Congress, and may sufier wiUiout it Hjonee it has been the oh- 
jeet, as it was the dQ,ty, of the department, to invoke legislative &vor for 
botti these great interests, under tbe belief that they flourish most when 
they flourisa together ; tbat, iu proponion as hodi flourish, in conjunetioii 
wkh agricnlmre, tha invuiahle ftsoer of both, is 'die paUic Treasury moat 
likaly to bs.keptfaU; and that all {dans of fiinnoe that do not take the co- 
(qMnatingptoapehtyof theM Unee primary iwtoraats of the stale as their 
fimndAMB, wmat psove Minaimtt or Bh(w^liTed. Such were tbe conusrie 
ol a depHrtsd statMOtto, vboae name fteeaharly Urns in the reeotds of this 
daarfineot; who was fir« piaeed at its bead, diraotingits operations with 
a KaOBcaet so hmtiiHMiBBS ml U Arow a gaining light over tbe path of bis 
amxetaaa. His eoasnebaasLve genius, looking into futurity, and embrao- 
ing in its sHPreyaU tw telereiC* that go t» mafae wp tbe fbll alnagtfa and 
rMm of • fftM eaifHie, bhw the trntn, now in couoe of eorroboii^ion by 
oar DWH experiance, tlttt-the pmtaelMk and iouenM of maau&onuiog 
labor, &r from ttoj^dng the apiings of our commemial power, would bM 
mUpiy Mul diffitte them. 
EiKmgfa of time lue set el s fiid to wanaM any decided jodgnn: 

dM pmcBoalofOtatieB of the tariff flf 1888. Thaem 

sen for su^poaiog tbat it will hmtm axportatioiM. If n 

^iob it has cBCnMd viU dinwiWl Ae foreigialn^ o 

latiMi. It is nwufe«dy wibat vasMd ^snad thiil ttnwt, in the end, gira 

ibe trae meteon of what «ra an to laeom ftan abroad. 



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446 REPORTS OF THE [1888. 

The moneys received into tbe Treasury durii^f the last four yens amouot, 
as lias been aireiidy estimated, to more than ninety-seren niiltions of doLlan. 
It belong to this retrospect to state, that in the apfdication oi the whole of 
this sum to the various objects of expeodttore designated by tbe laws, no 
embarrassmeots or delays, injurious to the public service, have happ^ied. 
All moneys have been paid at the doje, and at the place, wbete they were 
required to be paid, and to the persons entitled to receive them. This capa- 
city in the Treasury to apfdy the public funds at Uie proper mommt, in every 
part of a country of such wide oKlenl, has been essentially augmented by 
the Bank of the United States. Tlie department -hels an obligation of duty 

(to benr its testimony, founded on conatant eicperimoe during the tenn in 
question, to the useful instrumentality of this inshlutiou in a!u the moBt ion- 
poftant fiscal operations of the nation. In faithful obedience to the coodr- 
lions of its charier, and aided by its branches, it has afforded the neceBBury 
&cilittes for transferring the public moneys from place to place, concentrat- 
ing them at the point required. la this manner all payments on account of 
the public debt, whether lor interest or pcincipal ; all on account of pensions ; 
all for the civil list, for the army, for the navy, or for whatever other pur- 
pose wanted in any part of the Union, have been punctually met. Tbe 
bank is also the depository, with its branches, for the public moneys, fron 
whatever sources ot revenue received ; aiding, too, in their eoUecdim : there- 
by giving safety to the keeping, as well as promptitude and certainty to Ae 
disbnrsement, of the public treasure. It receives the paper of tbe State banks 
paid on public account in the interior, as well as elsewhere, and, by pbcing 
it to [he credit of the United States as cash, renders it available wherever the 
public service may require. By this course — a course not enjoined by its 
charter — it widens the field of business and nsefulness to the State baaks. 
Snch, also, is the confidence reposed in the stock of the Bank otths United 
States, that it serves as a medium of remittance abroad, in eatisloction of 
debts due from out citizens to those of other countries, whic^ otherwise 
would make a call upon the specie of the country for their discharge. Nor 
sre these all the uses of this institution, in which the Oovamioeet partici- 
pates. It is the preservation of a good currency that can alone impart sta- 
t»lityto property, and prevent those fluctuations in its value, hurtful sJiketo 
individual and to national wealth. This advantage the bcnk has secured 
to the community, by confining witfaia jnudent limits its issues of psper, 
whereby a restraint has been imposed upon exceseire importatioos, whi(^ 
aie thus kept more within the true wantsand capacity of the coantry. SoEoe- 
times f judiciously varylDg its coune) it enlarges its issoes, to relieve scarcity, 
as unaer the dtsastroos speonlations of 1806. The State banks, AUowing-, 
or controlled by, its general example, have shaped thni policy towards the 
dame salutary ends : addh^ fn^ demotwtralions to thd troth, that under tbe 
mixed jurisdKtioii and powers of &e State and national systems oi govern- 
msnt, a national bankis^Kinsttiitaent alone by which Congress can effoot- 
iTeiy leguiaie the curnmoy of the nation. When the Congress of the rovo- 
Intion, under the severest pressure of financial diffitmlty.ostablished, in 1781, 
/the Bank of NfHih America ; when the superinteodetit of finance of that pe- 
jriod predicted thatitwoukl "become atuaefidio ctmmirceand agrtcuUtire 
Bin peace, aa to the Grovemnunt during varf when tbe same pubUc offl- 
' eer, speaking from an aidiKNis and enlightoisd expertetioa, subsequently 
Mid that, withmt that bank, imperfect as wm its oi^anixalioQ, " the husmeM 
of the Department «/' i\nmu ewld twt kaot ie«n performed f it a^idv 



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182a] SECRETARY OF THE TREASURY. 447 

ft testinRHiy, the meiaoiy of which is coacsired to be not whoUjr irreleTadt 
to that which is hoe intended to be borne, to the kindred but better institu- 
tion of OUT A&j. The policy of CoRgress haviug established a financial con- 
nexion between the Book of the United Sialas and the Govemoieat of the 
Union, it is conceited to devolve -tipon the officer of the latter, whose post 
charges htm with a close observance of.that connexiou, to report to CongresB 
its practical effecla. The benefits of a remedy become often most apparent 
by a EecoUection of the evils which called for it A paper currency loo re- 
doodanl, because without any basis of coin, or otiKr effective check, and of 
DO value OS a medium of remittance or exchange, beyond the jurisdiclioa ot 
the State whence it had been issued ; a currency that not unfrequtmily im- 
posed upMi the Treasury the neoeesity of meeting, by ex^'avagant piemiams, . 
the mere act of tranaferrini; the revenue collected ot ooe point, to defray un- 
avoidable expenditures nt another : this is the state of things which the Bank 
of the United States has superseded. In the financial operatioos of the na- 
doD, as in the pecuniary transaclicma between man and man, confidence has 
succeeded to distrust, steadiness to fiuetuation, and reasonable certainty to 
j^enerol confusion and risk. The very million of dollars of funds not eifee- 
lire, of which the Treasury for loany yeai^ has beeu oUiged to speak, is but 
aieDonaut of thaloesee arising from the shattered currency, which the bank, 
by a wise management of its affairs, has cured. In conclusion, the mode of 
ua agency, in large paym^its of the principal of the debt, b not to be over- 
looked. By its arrangements for them, it avoids the incoovenienoe of too 
great an accumulation of money in the vaults of depoeiteused by the Govern- 
ment, and of the vacuum Ihat would succeed its too sodden distribution. It 
does tills by anttcipaEicg, as the periods of payment approach, the disburse- 
fflent of a considerable portion of the stock, in tlie form of discounts in favcH- 
of those who are to be paid off ; thereby enabUng them otherwise to employ 
their capital, as opportunities may ofier, beforehand. In thb manner heavy 
poymeats of thedebt are, in effect, made gradually, instead of the whole mass 
being thrown at caice upon the money market, which might produce inju- 
riotis shocks. So prudently in this, and other respects, does the bank aid the 
operation of paying off the debt, that the community hard! y has a conscious- 
ness that it is going on. 

An act of Congress was passed on the 24th of last May, directing the Sec- 
retary of the Treasury to stibscribe, in the name and for the use of the 
United States, for ten thousand shares of capital stock of the Chesapeake and 
Ohio Canal Company — an enterprise designed to open the shortest outlet be- 
treea the waters of the Ohioand the Atlwitic ocean. Thisduty has beea 
performed ; and it is satisfactory to be able to state, that the iMtioiuU work 
which itia designed toodvance — a work distinguished from kindiedenterpidaes 
la wiiich Coi^rress has heretofore l«it its powwful aid,- by its connexion 
with the DatMul metropolis — has been commenced. A consM^taUe portioa 
of the luMof the canal is in progress of excaTation, aod under circainBtaiices 
that promise well towards the successful pfoeaoatioii of the irtiole work. 
In its completion, a large and enrichifig iDcranse of home trade ii» this part 
of the Union, diffusing its coimnM«ial and fiscal beoefita to other parts, and 
much of it concentrating in a district under the peeaUar and exdusive oar» 
of Congress, cannot but be witmBKd. 

The retrospect intended is here closed. It looked to but two things: 1st, 
a condensed statement of the leading facts bskmginf to the history of th« 
ttepartment at the lemuiutioa of one of Ihoee penow of (tme into iriuck 



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448 REPORTS OP THE [1838. 

tbe constitation has dirided the movements of the GoTemment; and, second- 
ly, to a ft;eaera) reference to the principles of puMic policy, whtoh have guided 
the preemt iQctimbeot in tbe performance of its leading dutios. 80 deeply 
do tne finaoees of a state alxrays enter into the estiiiMle of its prosperity — 
otten of its very existence — that be has >at do time felt himself at liberty to 
take a restricted view of the law commanding him to make an annual report 
to Congress " on the subject of finance ;" but puts himfielf upon tbe in- 
dulgence of that body for having ooupkd with this annual performance of 
bia daty princi^es and leoommendations which he believes eventnally cat* 
culated, in tbe language of tiaX Uw, to improve and increase tbe finances 
of the Union. 

The report will now proceed to Male the receipts and expenditures of the 
past and present years, as ftr as ascertained, and an estimate of thoee for the 
year eniniing 

Tbe actual recoipla (htm all sources daring tbe y^ar 1827, amounted, as 
will be seen in document No. 2, to twenty-two million nine hundred and 
slzty-sixthoQsand three hundred and sixty-threedollars and ninety-six ceuts; 
which, with the balance in the Treasury on the Ist of January of that year, 
of six ntillioa three hundred and fifty-eight thousand six hnndredand eiffhty- 
six dollars and eighteen cents, gives an M^rr^ale of tweniy-^iine million 
diree hundred and twentv-tiTe thousand and fifty dollars and fourteen cents. 
Of the sum received as above, daring 1837, the customs yielded upwards of 
nineteen millions and a half, and the sales of the public lands nearly one 
million and a halt The expen^tnres of the United States, for tbe eatne 
year, amounted to twenty-two ndJIion six hundred and fifty-six thousand 
seven hundred and tdxty-four dollars and four cents. Thesame document 
will supply a specification of tbe particulars, and show a balance in the Trea- 
sury on the Ist of Jtuiuary, 1828, of six milliixi six hundred and raxty-eight 
thousand two hundred and eighty-six dollars and ten cents. 

The acraal receipts during the first three quaitersof 1838, (document No. 
3,) sore snppoaed to have amounted to eighteen million six hundred and thir- 
ty-three thottfimd five hundred and ei^ty dollars and twenty-seven cents ; 
and those of tbe fourth quarter, it is sumxwed, will amotmt to five million foor 
hundred and sixty -one thousand two tiundred and eighty-three dollars and 
forty cents; making the total receipts for 1SS8 twen^-fonr miliion and 
oinety-fovr thousand eight hundred and sixty-three dollans and sixty- 
sevea cents ; which, added to the tmlauoe iu the Treasury on the 1st of 
Junnary, m above stated, gives an egvregttte of thirhr miQion seven fhvn- 
4ni aM mxly-three tfaaQsand one hundred and forty-nine dollars and 
sereuty-aevco cenli. The expenditures of the fitet three qnartera of Om 
yaur,(Bsme dooument,) are supposed to have amounted to eighteen million 
two hundipsd and forty-four thousand nine hundred and seven dollars* attil 
naety-otte ceuts ; and those for the fourth quarter, jt is supposed, will amoanc 
•a eevea aadUon tlnw hundnd and oi»0ty<4wo dioBsaiM siz hundred and 
tlwee dollar* and saveniy-two oante ; rafddng, fmt Ifie whole year, twenty-five 
mfiUon six hundred ana tt^ty-sereBdiousand five hundred and eleven dol- 
lars Bttd sixty-tfnee cents. This expenditure includes, as the items in tbe 
doeumsnt will show, upwards of twelve milhtHis on account of tbe debr; uid 
will leave in the Treasury, on the Istof January, 1829, loi estimated balance 
of Ave milUon (me hmdred sod tweutjr^ve thousand ax tmndied andttdrty^ 
flMitdoHati and foaneen omAb. Tub balance will be sul^ect to tbe apmro- 
priaiMUofnoMyBfoirllMsnTicerflSa^tbathinenotaflyetbeen odled 



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lS2a] SECRETARY OF THE TREASURY. 449 

for, a sum estimated at three million five hundred thousand dollars ; nnd 
jnclndes the one million of dollars in funds not now efi'eclive, as heretofore 
explained. 

ESTIMATE OP BEVENUE AND EiPENDITUBE FOIt 1829, 

Tbe gross amount of duties secured by custom-house bonds, during the 
first three quarters of the present year, is estimated at twenty-two million 
nine hundred and ninety-seven thousand dollars ; and the amount that will 
be secured, during the fourth quarter, at 'five millions ; making nn aggre- 
gate, for the whole year, of twetity-seven million nine hundred and ninety- 
seven thousand dollars. The debentures for drawback of duty, issued 
during the first three qnarters, amounted to $2,9(53,584 55, and the amount 
outstanding on the last day of the third quarter was $2,261,793 05, of 
which $1,045,144 4G are chargeable upon the revenue of 1829. The amount 
uf bonds in suit at the close of the third quarter was ||4,()24,S78 75; which 
exceeds, by $487,466 11. tlie amount that was in suit on the corresponding 
day of 1827. 

Making the proper dedactions on the foregoing and other accounts from 
the gross arsount of duties secured in 1828, the revenue to be received from 
the customs in 1829 may be estimated at twenty-one million five hundred 
thousand dollars; that from the sales ofthe public lands may be put down at 
one million ; that from bank dividends at four hundred and ninety thou- 
sand dollars ; and that from incidental sources at about one hundred and 
fifty thousand dollars ; makiiis a total of twenty-three million one hundred 
iind forty thousand dollars. The expenditures are estimated thus : For tin: 
whole civil list, including miscellaneous objects, and the ten millions for the 
debt, twelve million one hundred and sixty thousand dollars ; for the mili- 
inry establishments, and objects in connexion with them, five million and 
sixty thousand ; and for the naval, four million four hundred and twenty 
thousand ; making, in the whole, twenty-one million six hundred and 
forty thousand dollars; and giving an excess of receipts for the year 1329, 
over its expenditure, of one million five hundred thousand dollars. 

The receipts for 1823 were estimated at twenty-two million three hun- 
dred thousand dollars ; but are likely to amount, in point offset, to above 
twenty-four millions of dollars. The receipts for 1329 are estimated, as is 
seen above, at twenty-three million one hundred and forty thousand dol- 
Isis. It has not been considered safe to place them, by any decided antici- 
pation, at a higher sum ; yet there are appearances in the commercial and 
political world, which, in their further development, may carry the actual 
receipts of 1829 at least as far above their estimated amount as is likely to 
be the case with those of 1828. If, for example, without alluding to other 
contingencies, any continued or further activity in the demand for grain and 
flour ^ould lead to heavier expoitations of our produce than usual, within 
a fov months to come, there would of course be a refiow of heavier import- 
ations. The revenue of 1829 would feel the efiect of these, in increased 
receipts ; because, even under the long credits allowed on duty bonds, a 
portttm of the duties that accme within the year are receivable wilhin the 
year. But such events as these, although fit, perhaps, to be incidentally 
hinted at, arc to be viewed with caution as the groundwork of any positive 
financial calculations, and accordingly have not been ad<qitedin thatsenss 
upon the present occasion. 
ToL. II.--29 



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450 REPORTS OF THE [1828- 

Upon the whole, in bringing this report lo a close, there is room for rain- 
gling a feeling of congraliilation to the national legislature, with the state- 
ments wnich it has exhibited. The receipts of the existing year, greater by 
nearly two millions of dollars than had been foreseen, with a prospect of 
income for the next scarcely less abundant ; the receipts of the last four 
years presenting a large and gratifying excess over those of the four years 
preceding ; the foreign commerce of ihe country in a stale of solid pros- 
perity, from the improving condition of its leading departments of industry 
at home, and consequent mcrease in the exportation of ils products ; the 
increase of its tonnage, that foundation of naval strength as well as com- 
mercial riches, keeping pace with the increase of commerce ; ihe public 
debt annually and rapioly decreasing, under the application of surplus 
funds annually and rapidly increasing ; the public revenue preserved at an 
equal value in every part of the Union,' through the power of transfers 
promptly made by the Bank of the United States, without expense or risk 
to the nation, and the currency maintained in a healthful slate by the same 
institution : — such is the great outline of the financial and commercial 
condition of the country ; a condition the result of good laws fBithfiilly 
administered, and of the aggregate industry of an enterprising and free 
people. 

All which is respectfully submitted. 

RICHARD RUSH. 

Treasury Department, 

December 6, }B28. 



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SECEETABY OF THE TBEASDKT. 





S 


s 


i- 


% 


i 


I 


Is 

$3 
J5 


a 


Ifljl 


3 
1 

s 


1^ 




S 


It 


S 

? 
2" 


s 


ie 

1 


1 


Si 

1 




i 


1 



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REPORTS OF THE 



A STA TEMENT exhibiting ike values and quantities, respeclively, of 
merchandise on which duties actually accrued during the year 1827, 
[consisting of the difference between articles paying duty, imported, 
and those entitled to drawback, reexported ;) and, also, of the nett 
revenue which accrued that year, from diUies on merchandise, tonnage, 
passports, and clearances. 



1 ,853 doUars, U 12 pt 

3,023,963 dollars, ulSlpc 

3,700,&U dollars, at 15 pt 

7,342, IS3 dollars, at 20 p 

S5, 139,919 dollars, St 25 pt 

1,98!), 754 dollars, al 30 pt 

6,929,166 dollars, at 33tp< 

4,396 dollars, at 35 pi 

"^^,639 dollars, at 40 pi 

Uis,387 dollars, at 50 pi 

47,558,883 dollars ■ 



S323 36 

253,995 38 

555,081 GO 

1,448,424 60 

6,384,994 50 

596,936 20 

3,309, T22 00 

1,538 60 

"455 60 



221,1 



1. Wines, 2,!«9,760 gallons, average 23.66 cts. 

9. SpiTlis, 3,4&, 303 gallons, average 44.66 cts. 

Molasses, 13,137,133 gallons, at 6 - 

3. Teas, 5,373,9u; pounds, average 33.52 
Coffee, 31,895,317 pounds, at 5 

4. Sugar, 65,133,515 piunds, average 3J)5 

5. Salt, 3,431,163 bib),els,at 90 

6. AU other atliclea - - . - 



l,eoo,S49 19 
1,594,760 85 
1,681,850 47 
686,233 tH> 
3,074,494 36 



Dedactdnties refunded, after deducing thercEromdolies on mercbandise, 
the particulars of wnich conld am !>■ ascertained, and diSerence in cal- 
culation ---...... 



Add 2i per cent, retainetl on drawback 

10 per cent eitra duty on foreign vessels 
Dischmiiiating dutv on French vessels 
Interest on custom-house bonds 
Storage received ... 



£133,106 79 

38,461 07 

591 54 

10,904 28 



Duties on merchaidiM 



Paraports and clearances 



Expenses of c«dkcticn 



Gross revenne 
Nell revoine, (A) 



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SECRETARY OP THE TREASURY. 

Explanatory Statements and Notes. 



1 Wines-Madeira 




116,584 


gallons 


at 100 cents 


9116,581 00 


Bargnndy and Champasce 


36,011 


do. 


100 do. 


36,011 00 


Sheriy and 8l. Lucar - 




14,654 


do. 


60 do. 


8,913 40 


Lisbon, Oporto, 4c. - 




19B,9W 


do. 


50 do. 


99,489 60 


Teneriffe, Fayal, 4c. 




188,313 


do. 


40 do. 


76,384 80 


Claret, 4c. bowled ■ 




99,635 


do. 


30 do. 


29,890 50 


All other 




2,345,485 

3,989,760 
582,343 


do. 
do. 


15 do. 

43 do. 


351,833 75 




707,994 95 


2 Spirits— Grain - la proof 


344,683 64 


2d do. 




6,254 


do. 


45 do. 


9,814 30 


3d do. 




59,023 


do. 


48 do' 


28,330 68 


4tli do. 




4,506 


do. 


53 do. 


3,343 13 


5»h do. 




36,033 


do. 


60 do. 


31,619 SO 


Other msteriaU, 1st and 3d do. 




398,388 


do. 


38 do. 


151,349 44 


3d do. 




766,076 


do. 


43 do. 


33-2,591 93 


4th do. 




1,600,439 


do. 


48 do. 


768,306 93 


5tb do. 




10,133 


do. 


57 do. 


5,769 54 


Above 5ih do. 




231 


do. 
pounds 


70 do. 
at 19 cents 


161 70 




3,465,303 


1,547,768 34 




18,682 


3,341 84 






1,563,349 


tlo. 


35 do. 


390,587 85 


Hjsoa skiti, 4c. - 




1,107,975 


do. 


38 do. 


310,333 00 


Hyson and yoiug byson 




3,453,311 


do. 


40 do. 


980,896 40 


Imperial 




331,709 
5,373,956 


do. 


50 do. 


115,584 60 


Add extra daly on less in 


S£ 










from other places Ihan 


53,309,013 


do. 


3 do. 


1,036 30 




1,800,849 19 


l Sagar— Brown 


1,569,370 39 


•* White 




3,814,503 do. 
55,133,515 

4,57S,3TB bushel? 


i do. 
ja 20 cents 


113,680 06 




1 ,681 ,650 47 




915,C55 60 


Eiported, biKheli 


71,79 










Bounties and allowances 












reduced into bashels, at 












30 cents - 1075.38 


4 












1,147,115 
3,431,163 


do. 


20 da 


3S9,493 00 




686,338 60 



t,i.a,Google 



«S4 KGjPORTS OF THE 

Explanatory Statements and Notes — Continaed. 









Bale 




6. AUolhcranicles. 




ftnaniity. 


of 
duly. 


Duties- 








CoiU. 




CrirpeliiiR, Brussels, Wilton, 4c. 


yards 


77,082 


50 


838,541 OO 


^^ VenetiaA - - 


da 


676.088 


25 


169,033 00 


oU other 


do. 


9,922 


20 


1,984 40 


CaUonbafging . . - - 


do. 


4,376,791 


31 


161.136 28 


Vinegar 


gallons 


33,403 


e 


2,673 24 


Bmt, ale, and porter, in boHles - 


do. 


90,396 


20 


18,059 20 


'incMks . 


do. 


7,465 


15 


1,119 75 




do. 


I 


35 


35 


ihale - , . - 


do. 


157 


15 


93 55 


olive .... 


do. 


65,024 


25 


21,256 00 




da 


100 


40 


40 00 


l^^d '.'-'.'. 


do. 


37,B16 


25 


9,454 00 


bempseed . - . - 


do. 


43 


25 


19 lb 


Cocoa T . . . . 


pounds 


336,735 


2 


6,534 70 


ChocolBte .... 


do. 


3,581 


4 


103 24 


«"«-r^'' .... 


do. 
do. 


273 
347 


12 
13 


33 64 
41 64 


other refined - 


do. 


61 


10 


6 10 


SVoils— almondi 


do. 


457,147 


3 


13,714 4 


cnrrams 


do. 


97,362 


3 


2,920 8( 


prones and plums 


do. 


249,908 


4 


9,996 £ 


do. 


1,136,738 


3 


34,101 a 


raisins, jar 


da 


2,659,731 


4 


106,389 at 


other 


do. 


2,663,619 


3 


79,908 5 


Candles— talloT . ■ ■ - 


do. 


44,431 


5 


2,221 5. 




do. 


415 


6 


34 9C 




do. 


301 


8 


34 » 


Cheese - - 


do. 


77,176 


9 


6,945 84 


TnUow . - - . I 


do. 


216, loe 


4 


8,644 3S 


do. 


1,042,643 


1 


10,426 4. 


Ltrd 


do. 


30 


3 


9C 


Beef and pork .... 


do. 


208,168 


2 


4,163 » 


Hams, and other baeon - 


do. 


4,454 


3 


133 6S 


Butler 


do. 


8,B82 


5 


144 1 


Refined saltpetre 


do. 


27 


3 


8 


Vitriol, blue or Itoman - 


do. 


56 


4 


2a 


oil of - 


do. 


900 


3 


27 0( 


Camphor, crude . - . - 


do. 


30,446 


8 


2,435 6f 


refined 


do. 


1 


12 


1 


G^^r '.'.'.'. 


do. 
do. 


1,610 

79 


4 
3 


64 4( 

1 5( 


SpicM-Cayenne pepper 


do. 


514 


15 


77 I 


ginger .... 


do. 


304,670 


3 


6,093 4( 




do. 


31,780 


60 


13,073 S( 




do. 


38,020 


25 


9,506 01 




do. 


389,718 


8 


31,177 * 


pimento . - - . 


do. 


614,676 


6 


36,880 5< 


8nuff 


da 


503 


13 


60 31 


Indigo 


da 


450,791 


16 


67,618 6! 


Couoo 


da 


42,292 


3 


1,368 71 


iSK".' ; : ; : 


do. 


59,351 


8 


4,748 0) 


do. 


375,557 


3 


8,366 7 


Glue 


do. 


1588 


5 


79 L 


Paints— ochre, dry - - - . 


da 


l.«2,55e 




10,535 51 


in oil - 


do. 


13,490 


11 


20B3< 


white and red lead - 


do. 


1,807,179 


4 


73,287 1 


whiiing . . - - 


do. 


657,918 


1 


6,573 1 


Lead— p:g, bar, and sheet 


do. 


4,403,014 


2 


88,060 31 


Cables, tarred .... 


da 


24,142 


4 


965 61 



t,i.a,Google 



SECRETARY OP THE TREASURY. 
Explanatory Statements and Nolea — Continued. 









ItatG 








ananUtr. 


of 
duly. 


Duties. 








CenU. 




Cordage— tarred 


pounds 


399, Dll 


4 


$15,716 44 




do. 


74,618 


5 


3 730 90 


Twine— OBlarred, yam - 


do. 


334,177 


5 


16,708 85 


Corks . / . , . 


do. 


m.tm 


13 


20,841 84 


Copper— rods and boHs - 


do. 


5,616 


4 


224 64 


nails and spikes 


do. 




4 


95 66 




No. 


' 11 


250 


37 50 


iron and steel wire, not above No. IS - 


poun - 


613,635 


5 


30,681 75 


above No. 18 




9SS,43G 


9 


23.258 34 


tacks, not above 16 07. per M. - 
above 16 01. per M. - 


do. 


21,133 


5 


1,206 65 


do. 


4,871 


5 


213 55 


nails .... 


do. 


600,151 


5 


30,007 55 


spikes - . , - 

chain cables 


do. 


57,384 


4 


2.395 36 


do. 


435.505 


3 


13,065 15 


mill saws - 


No. 


1,464 


100 


1,464 00 


anchois .... 


pounds 


35,733 


3 


714 44 


anvils .... 


do. 


1,178,686 


3 


33,573 72 


hammers and sfedges 
castings, vessels of - 


do. 


56,757 


SI 


1,418 92 


do. 


647,847 


U 


9,417 71 


other 


do. 


489,381 




4,893 81 


round or br«zier''i rods 


do. 


680,366 


3 


20,410 98 


Bail and spike rods 
sheet and hoop 


do. 


11,555 


3 


346 6S 


do. 


5,049,059 


3 


151,471 77 


sUi and rolled 


do. 


201,334 


3 


6,040 oa 


K5, Tilled '.'-'.'. 


cwt. 
do. 


36,086 
170,146 


50 
150 


13,043 00 
255,219 00 


hammered 


do. 


536,936 


90 


483,242 40 


Seel 


do. 


35,503 


100 


35,503 00 


Hemp 


do. 


119,354 


175 


308,869 50 


Alam 


do. 


81 


250 


310 00 


wEeal flour .... 


do. 
do. 


3,939 
33 


aoo 

50 


6,858 00 
16 00 


Cwl 


bushels 


1,077,536 


6 


64,653 16 


Wheal 


do. 


1,180 


M 


395 00 


Oats .... . 


do. 


773 


10 


77 30 


Potatoes 


do. 


38,102 


10 


3,810 30 


Paper— folio and 410 post 


pounds 


ia,994 


20 


2,598 80 


printing; 


do. 


852 


10 


85 20 


Books printed previous to 1T35 - 


do. 


938 


4 


37 63 


in otber languages 


do. 


90,999 


4 


3,636 96 


Latin or Greek, bound ■ 


dOL 


2,455 


15 


368 25 


not bound 


do. 


3,182 


13 


413 66 


rfl other, bonnd - 


do. 


18,982 


30 


3,894 60 


not bound 


do. 


59.304 


36 


15,419 04 


Glass— cm, and not specified 


do. 


28,832 


3 


664 96 


all other articles of 


do. 


1,344,263 


2 


26,885 26 


apothecaries' vials, not above 4 uz. 


gross 


7,164 


100 


7,164 00 




do. 


1.074 


IS6 


1,343 60 


bot!les, not above 1 quart 


du. 


S9,ra) 


200 


59,918 00 




do. 


36 


300 


108 00 


demijohns - - 


do. 


52,534 


25 


13,133 60 


window, not above S by 10 


"X 


964 


300 


3,892 00 


lObylS 


456 


350 


1,596 00 


above 10 br 13 


do. 


4,114 


400 


16,456 00 


uncut, in plates 


do. 


633 


400 


2,532 00 


rish— dried or smoked - 


quintals 


563 


100 


5^00 


pickled, salmon - 


barrels 


934 


3ft> 


1,848 00 


mackerel 


do. 


.19 


150 


5850 


all other - 


do. 


171 


lOO 


174 00 



t,i.a,Google 



REPORTS OF THE 

Explanatory Statements and Notes — Continued. 











Rate 








CLoaniiiy. 


of 


Duties. 










Cmi*. 




Shoes and slippers— silk 




pairs 


1,367 


30 


3410 lu 


prunelle 




do. 


l,«7 


35 


361 75 


iealher 




do. 


3,123 


25 


780 75 


child reu 




do. 


i,2-:0 


15 


169 OO 


Boots and bootees 




do. 


27* 


150 


(11 «0 


Segars 




M. 


13,9(50 


250 


31,900 00 






2,710,043 2,% 


Deduct clcc 








Mace - 


71H pounils, at 


00 cents 


- STie 00 




Cinnamon - 


11,670 pounds, ai 


25 cents 


- 2,»I9 OU 




Cassia 


I26,a4S pounds, at 


6cenis 


- 7,574 88 




Tobatco, raanufartured 


I3,3"-2 pounds, at 


10 cents 


- 1,337 80 




Shot - 


5^57 pounds, a: 


3tccnU 


soa 50 




Waskels 


8,602 each 


SOceots 


- 1S,903 00 






43,690 pounds, at 


17 cents 


- 7,*il 30 




iiealh.ng - 


1,662 pounds, at 


3 cents 


49 86 




Olber 


li,963 pounds, at 


\b cents 


- 1,013 95 




Bottles, not over 2 qnaris 


7 gross, al 250 cents 


17 50 




Playing cards 


1,389 packs, at 


30 cents 


- 1,316 70 






rried to siaiemeni B 








C 


-. 




2,674.491 36 



STA TEMENT exhibiting the amount of American and foreign ton- 
nage employed in tite foreign trade of the United States during the 
year ending on the 3[st day of December, 1S27. 

Americnn tonnage in foreign trade - - - Tons 900,199 

Foreign tonnage in foreign trade - - - 151,875 

Total tonnage employed in the foreign trade of the United 



Proportion of foreign tonnajjre to the whole amonnt of ton- 
nage employed iu the foreign trade of the United States 



Trbasurv Department, 

i-egiater's Office, December 8, 1828. 

JOSEPH NOUKSE, Register. 



tizedoy Google 



SECRETARY OF THE TREASURY. 






ill 

IS.S 









"=82£sa §s 



M% . . .U . . .i 









lillii 



t,i.a,Google 



E > 3 



Is 



HEPORTS OP THE 

288 82 SE g88SS 









as s - ' 



SiHsllsllSSIgS 






lilillPtlS 'M 



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1 828.] 



SECRETARY OP THE TREASURY. 



STA TEMENT of the sales of public lands, and of the receipts into 
the land offices on account thereof, and of the expenses incidental to 
tht same, front the \st of January, IS28, to the 30th of June following. 





NettamoDnt 


Purchase 


Amonnt 


Age«g«ie 


iBcideDlBl 




of lands sold. 


money. 


received 


receipts. 


eipenses, 
salaries. 


Land offices. 






nnder the 














and com. 
missions. 




Acres. 










Harietla - 


3,44&.6S 


«4,307 07 


S149 15 


64,456 32 


$588 51 


Ziiiesville - 




16,355.63 


20,169 43 


955 01 


21,134 43 


1,160 84 


Stenbenville - 




12,530.03 


15,650 01 




15,650 01 


981 48 


ChaUcolbe - 




6,685.91 


8,357 38 


183 93 


8,54130 


776 58 


CinciDoali - 




10,616.36 


13,270 45 




13,270 45 


2,375 95 


Woosler 




5,867.64 


7,334 54 




7,334 54 


751 71 


?r : 




373.36 


466 70 




466 70 


509 76 




15,600.87 


19,501 08 




19,501 08 




JefieTSODville 




5,059.63 


6,334 40 


44 13 


6,368 52 


809 71 


ViDcaooes - 




8,786.74 


10,983 45 


200 00 


11,183 45 


6,677 33 


Crawfordsvillo 




53,851.77 


66,054 74 




66,054 74 


3,411 07 


[Ddianapolis ■ 
Fort Wayne - 




33,935.33 


39,919 09 




29.919 09 


1,019 53 




80.00 


100 00 




100 00 


506 05 






1,734.05 


S, 185 45 




2,185 45 


1,756 74 


Kaskaskia - 




1,356.17 


1,685 23 


184 93 


1,880 16 


858 86 


EdwardinUe 




7,133.83 


8,916 55 




8,916 55 


663 13 


VandaJla ■ 




1,106.04 


1,3^05 




1,385 05 


604 81 






6,188.94 


7,736 17 




7,736 17 


725 33 


Springfield . 




12,503.41 


15,638 01 




15,638 01 


814 21 


St. LoDis 




11,973.71 


14,965 94 




14,9G5 94 


76197 


PrankliQ - 




16,693.57 


30,867 01 


12] 25 


20,988 36. 


919 60 


Jackson 




1,803,58 


8,354 44 




2,354 44 


603 73 


Palmjra - 




11,474.85 


14,343 60 




14,343 60 


767 19 


Leiinglon - 




10,053.99 


13,566 28 




13,566 28 


1,335 84 






5,348.78 


6.560 99 


37 76 


6,588 75 


1,191 35 


Cahab^ - 




Sl>,710.01 


37,137 81 


44 95 


37, IK! 76 


1,466 91 


HmL-iville - 




801.76 


1,002 30 




1,003 !» 


3,674 75 






3,473.90 


4,341 69 




4.341 69 


695 21 


WashiD^oQ - 




1,357.33 


1,696 50 


808 60 


2,505 10 


596 71 


Honni Salus 




20,795.83 


^,904 58 




35,994 58 


927 19 


Augusta 




553.40 


691 74 




691 74 


541 63 


Sew Orlenns 












3,344 43 


Opelonsas - 




1,195.04 


1,«3 79 


104 85 


1,598 64 


557 55 


Oaadkita 




1,791.21 


3,339 01 




3,339 01 


731 69 


Detroit 




10,978.70 


13,723 43 




13.733 48 


2,690 09 


Monroe 




3,138.44 


3,933 04 




3,933 04 


976 10 


Little Rock - 




334.00 


417 50 




417 50 


539 06 


Bttesville - 




349.81 


313 38 




312 36 


470 78 


T»ll«has.se - 


17,873.38 


^,493 57 


- 


32,493 57 


1,133 66 






341.599.75 


437, no 16 


3,834 54 


429,934 70 


47,'ra3 H 



Treasuet Department, 

General Land Office, Nov. 22, 1828. 

GEO. GRAHAM, 
Conmtissiimer of the General Land Office. 



tizedoy Google 



REPORTS OP The 



fiTA TEMENT of moneyt receive into the Treasury, from all taurcts 
other than cuatoma and public lands, during the year 1827. 



ited Slates - $120,000 00 
92,626 90 



UirideDds on stock ia the Bank of the Uai 
From arrears of direct tax - 

new internal revenae - - 19^85 68 

fees on letters patoit- . - 10,560 00 

cents coined at the mint - - 22,030 32 

postage of letters - - - 101 00 

fines, penalties and forfeitures - H157 45 

surplus emolumenls of officers of the 

customs - - - . 28,132 83 

interest on balances due by banks to 

the United Slates - - ■ 6,000 00 

nett proceeds of vessels condemned 

under the slave-trade acts - - !0,S44 79 

a person unknown, stated to be on 

account of imports and tonnage - 6 00 

moneys previously advanced on ac- 
count of treaty with Spain - 85 00 

100,429 97 

Balances of advances made in the War Department, re- 
paid under the 3d section of the act of 1st May, 1820 - 32,845 44 
Moneys received from Great Britain, under the convention 
of t3th November, 1826, for slaves and other property 
taken during the late war - - . - 1,204,960 00 

81,758,235 41 

Treascby Defabthent, 

Register's Office, Decembtr 4, 1828. 

JOSEPH NOURSE, Register. 



ST A TEMENT of the expenditures of the United States, for the year 

1827. 

CIVIL, MISCELLANEOUS, AND DIPLOMATIC, VlZ: 

Legislature .... $421,965 36 

Executive departments - - 501,793 05 

Officers of the mint - - - 9,600 00 

Surveying department - - - 26,176 93 

Comniissioner of the Public Buildings - 1,695 06 
Governments in the Territoriesof theUoited 

States 42,462 27 

Judiciary - - . . • 225,448 48 



$1,228,141 04 



oyGOOJ^If 



ISSS.] 



SECRETARY OF THE TREASURY. 



Annuities and grants 

Mint establishment 

Unclaimed merchandise 

Light-house establishment 

Sorveys of public lands 

Registers and receivers of land offices 

Preservation of the public archives in Florid) 

Land claims in Florida Territory 

Land claims in St. Helena land district 

Roads within the State of Ohio 

Roads within the State of Indiana - 

Roads, canals, &c. within the State of Alabama 

Roads, canals, &.c. within the State of Missouri 

Roads, canals, j^c. within iheStateof Mississippi 

Repairing the post road between Chatahooctiie 

and Line cteek, Alabama - 
Marine hospital establishment 
Public building in Washington 
Payment of balances tn collectors of new in 

ternal revenue 
Appropriation of prize money 
Stock in the Louisville and Portland Canal 

Company - - - . 

Payment of claims for property lost, &,c. 
Payment of claims for buildings destroyed 
HiscellaneoHS expenses 

Diplomatic department 

Mission to the Congress of Pannma - 

Contingent expenses of foreign intercourse 

Relief and protection of American seamen 

Prize causes 

Treaties with Mediterrauean powers 

Treaty of Ghent (6th and 7th articles) 

Treaty of Ghent (1st arllcle) 

Payment of claims wnder the 9th article of the 

treaty with Spain - - . - 

Claims on Spain .... 
Awards under the first article of the treaty of 

Ghent . . . . . 



MII.1TAR7 RSTAI 

Pay of the army 
Subsistence - 
Forage 

Quartermaster's department - 
Arrearages of the army 
Bounties and premiums 
Purchasing department 
Purchase of woollens for 1838 



$2,000 00 
40,588 86 
247 64 
324,859 78 
53,718 16 
3,256 14 
1,625 00 
2,971 24 
1,502 78 

7,352 54 
6,540 36 
r,9Sl 45 
4,717 11 

. JiJ30Jl_0Q. 
89,137 42 
175,727 35 

2,637 13 
2,202 50 

30,000 00 

608 75 

8,134 74 

52,923 82 

J 

117,126 55 
17,953 52 
36,248 63 
30,617 68 
4,000 00 
26,505 54 
11,765 06 
13,706 44 

824 00 
1,817 72 



398,646 73 

659,211 87 



■1/ }■' 



■ $826,123 (J7 



2,n3,476 58 



990,004 21 
226,656 41 

44,619 26 
326,889 48 

12,337 24 

14,092 16 
228,967 08 

20,000 00 



tizedoy Google 



468 ItEPORTS OP THE 

Gxpenses of reciuiliDg - - • $11,600 54 

Ordnance - - - . . 24,733 62 

Arminz aod equipping tlie militia • - 199,397 69 

Armories 366,04r 27 

Arsenals ..... 32,664 96 

Arsenal at Vergennes .... 8,600 00 

Arsenal at Auf^usta, Maine - - - 4,581 60 

Arsenal at Augusta, Georgia . - . 32,286 69 

Arsenal at St. Louis .... 15,0Q0 00 

Hospital department .... 28,023 84 

Contingencies of the army ... 8,223 66 

Repairs and contingencies of fortifications • 22,906 23 

Fort Monroe 87,396 97 

Fort Calhoun 56,817 24 

Fort Adams 106,801 47 

Fort Hamilton .... 66,784 09 

Fort Jackson - - . - . 90,144 78 

Port at Cape Fear, North Carolina - - 29,930 00 

Fort Macon, nt Beaufort, North Carolina - 49,464 42 

Fort at Bienvenue . - - - 40,000 00 

Port at Mobile Point .... 72,951 46 

Fort at Rigolets .... 33,670 71 

Armament of new fortifications - • 63,413 09 
Surveys, &c. of roads and canals - -._^^j2^44 

CoDtinnatiou of the Cumberland road - - loSJ^HTTiO 
Preservation and repairs of the Cumberland 

road 25,510 00 

Road from Memphis to Little Rock - - 2,065 00 

Road from Liule Bock to Cantonment Gibson 2,000 00 

Road from Port Smith to Fort Towson - 2,000 00 

Road from Colerain to Tampa bay - • 6,916 00 
Old King's road from the Georgia line (by St. 

Augustine) to New Smyrna - - 5,000 00 
Road from Detroit to Chicago - "^ SOQQOOCL 

Improving the Ohio and Mississippi rivers - ""2^716 00 

Improving the navigation of the Ohio river - 9,000 00 

Improving Hyannis harbor, Massachusetts - 1,000 00 

Improving Cleaveland harbor, Ohio - - 4^600 00 

Improving Pascagoula harbor, Mississippi river 8,000 00 

Deepening the harbor of Presque Isle - 5,484 81 

Deepening the harbor at Sackett's Harbor - 3,000 00 

Preservation of islands in Boston harbor • 9,115 27 

Repairs of Plymouth beach - - - 2,184 90 

Removing obstructions in Huron creek, Ohio - 3,500 00 

Removing obstructions in Cunninghamcreek O. 1,000 00 

Removing obstructions in Ashtabula creek, O. - 10,915 18 

Removing obstructions in Grand river, Ohio - 4,620 00 

Removing obstructions in Mobile harbor, Ala. 6,606 78 

RemoviDfT obstructions in Saugatuck river. Me. 1,500 00 

Building piers on Steel's Ledge, Bel&st, Maine 400 00 

Building piers at New Castle, Delaware - 2,000 00 

Building piers at BuffiOo creek. New York • 5,000 00 



tizedoy Google 



182a] SECRETARY OP THE TREASURY. 

Piets, beacons, &c. in the baibor of Saco, Maine $4,450 00 

Piers at the mouth of Oswego harbor. New York 6,010 39 

Piers at the mouth of Dunkirk harbor, New York 3,000 00 

Piers at Laplaisance hay, Michigaa - - 1,000 00 
Examining piers at Port Pean, Marcus Hook, and 

Fort Mifflin - - - - - 100 00 
Survey of a canal from the Atlantic to the Gulf 

of Mexico ----- 3,755 00 
Connecting tlie Detroit and the riret Raisin with 

the Miami and Sandusky roads - - 12,000 00 
Surveying the harbor of Church's Cove, Rhode 

Island - - - - - • 200 00 

Surveying the harbor of Stoninglon, Connecticut 200 00 
Surveying the roads from Detroit to Saginaw, 

Port Gratoit, and Lake Huron - - 1,600 00 

Erection of a wharf at Fort Wolcott, Rhode Island 500 00 
Purchase of a house and lot of land at Eastport, 

Maine . . . . , 1^800 00 

Purchase of lots at St. Augustine, Florida - 600 00 

Barracks at Savannah, Georgia - - - 11,414 40 

Barracks at Fort St. Philip - - - 12,000 00 

Barracks at Fort Michilimackinac - - 6,000 00 

Military cantoimtent near St. Louis - 16,691 54 

Settlement of the Georgia militia claims - ■ 100,600 00 

System of cavalry, artillery, and infantry exercise 1,675 24 

Military Academy, West Point - - - 41,143 96 

Maps, plans, and books for the War Department - 415 13 
Relief of officers, &c. engaged in the Seminole 

campaign - - - - - 881 63 

Relief of Oapt. Bigger'a company of rangers - 4,636 91 

Belief of sundry individuals - - 10,553 80 

Interest due to the Slate of Pennsylvania 17,677 60 

Payment of claims for property lost - - 220 00 

Revolutionary pensions - . - 796,012 58 

Invalid and half-pay pensions - - - 170,567 56 

Pensions to widows and orphans - - 9,558 78 

Boundary lines between Georgia and Florida - 3,746 80 
Suppression of Indian aggressions on the frontiers 

of Georgia and Florida - - - 13,096 71 
Carrying into effect certain Indian treaties (act 2d 

March, 1827) 169,847 37 

Rations to Florida Indians - - - 30,015 96 
Relief of Florida Indians - - - 12,760 25 
Running the line of land assigned to Florida In- 
dians - - - - - - 330 56 

Presents to Indians - . - - 14,940 46 

Contingencies of Indian department - - 96,787 33 

Creek treaty, per act of 22d May, 1826 - - 101,383 84 

Treaty with the Choctaw and Chickasaw iDdisna 2,446 37 
Effectmg certain Indian treaties [act of 20lh May, 

1826f 6,750 00 

Emigration of the Creeks beyond the Mississippi 29,080 82 



tizedoy Google 



4G1 



REPORTS OF THE 



[IS*- 



Civilization of the Indians 

Pay of Indian agents - 

Pay of sub-agents .... 

Indian annuities . . - - 

Choctaw sehools, (treaty of 18th October, 1820) - 

Provisions to Q,uapaw Indians - 



From which deduct the following repayments: 
Fortifications - - . - ^53 19 

Repairs of Fort Constitution - 72 14 

SurveyofMurbleheadnndHoImes'sHole 95 82 
Survey of Laplaisance bay - b9 11 

Kurvey of Sandusky bay - - 41 70 

Road from Ohio to Detroit - . 700 00 

Road from Pcnsacola to St. Augustine - 546 00 
Effecting Creek treaty, per act of 3d 

March, 1825- - - - 8 00 

Holding treaties with the Indians claim- 
ing lands in Indiana - 3 37 



$10,296 84 
32,356 65 
17,007 02 

209,529 29 
10,270 90 
2,000 00 

5,677,349 85 



- 


1,608 23 




5,675,rJl e 


NAV4I. ESTABL 


SIIMENT. 


Pay of the navy afloat 


- 1,172,618 19 


Pay of the navy shore stations 


- 166,063 39 


Provisions . - - - 


- 575,769 33 


Medicines and hospital stores - 


- 34,314 62 


Repairs of vessels 


. - 417,365 55 


Navy yards, docks. &c. 


- 196,916 01 


Navy yard, Pensacola 


- 57,499 63 


Ordnance and ordnance stores 


- 36,407 34 


Building ten sloops of war 


■ 184,804 34 ' 


Repairs of sloops of war 


. 20,181 38 


Gradual increase of the navy - 


. 735,587 68 




- 100,104 45 


Prohibition of the slave trade - 


- 29,603 89 




- ■ 1,162 65 


Superintendents, artificers, &c. 


- 70,720 20 


Survey of the harbors of Brunswick, 


Savan- 


nah, &c. - - - - 


4,078 43 


Arrearages prior to 1827 

Surveys and estimates for dry docks - 


- 14,769 55 


2,707 27 


Contingent, prior to 1824 


- 10,114 68 


Contingent, not enumerated, 1826 


3,267 06 


Contingent, for 1827 - 


- 218,340 81 


Contingent, not enumerated, 1827 


1,219 12 


Pay of the marine corps 


' 161,631 30 


Clothing for the marine corps - 


- 26,040 70 


Fuel for the marine corps 


5,649 60 


Medicines for the marine corps 


1,717 65 


Barracks for the marine corps 


3,146 66 


Militarv stores for the marine corps 


402 OO 



t,i.a, Google 



issaj 



SECRETARY OF THE TRBASURY. 



GonliDgent for the marine cotjis $13,112 42 

UoDtioji^Dt arrearages forthemariDecorps 2,236 70 
GoQtiDgent, addiiioDol, 1826, for the ma- 

rine corps . . . , 308 06 







4,867,752 26 


Prom which dedact the following re- 




payments : 




ConUngent for 1824 - - $677 44 




CoDtingent for 1825 - 


491 62 




OoDtiaKcnt, oot enameraled 






1825 


108 88 




Contingent for 1826 - 


1,878 00 




BatldiQg barges 


67 16 




Building five schooneis 


68 33 




Swords and medals - 


579 62 




Navy yard, Philadelphia 


13 75 


3,874 80 






$4,263,877 45 


PUBLIC DEBT. 




Interest on the funded debt 


3,482,509 21 


Redemption of the six per cent, stock of 




1813, (loan of $16,000,000) - 


6,507,466 85 


hiterest on the Louisiana stock - 


3,562 30 


Reimbursement of the Mississippi stock - 


1,642 48 


Paying certain parts of the domestic debt 


21 12 


Paying the principal and interest of Trea- 




sury notes 




8,466 44 



Prom which deduct the following re- 
payment; 

Ridemption of six per cent, stock of 1813, 
($7,500,000) 



10,003,668 39 



Tbbasurt Department, 



tice, December 4, 1828. 
!BPH NOUBSE, RegisUr. 



STATEMENT of tht txpmdUvres of the United Stales, from tke Ut 
of January to the 30th Sqttember, 1828. 

CIVIL, HIBCELLANEOUS, AND DIPLOMATIC, VIz: 



Legislature - 
Executive department 
Officers of the mint 
Sarreying department 
Vol. II.— 30 



- $520,657 52 
■ 393,577 06 

7,200 00 

- 16,613 26 



tizedoy Google 



466 



REPOHTS OP THE 



Commissioner of tbo PobUc Buildings 
GoverDtnents in the Teuitories of the Uoited 
Slates . . - - - 

Jadiciar^ - - . . - 

Annuities and grants 

Mint estnDnshmeDt - - - - 

Unclaimed merchandise 

LJghl-honsG establishment . - - 

Surveys of public lands 

fle|risteTs and recewers of land offices 

Preservation of the public archives in Florida 
Territory , . . . 

Xjand claims in Florida Territory 

Land claims in Alabama - . - 

Land claims in Michigan 

Roods within the State of Ohio 

Boads within the State of Indiana - 

Roads, canals, Jcj^.within the Slate of Alabama 

Roads, canals, &;c. within the State of MissDttci 

Marino hospital estiiblisbment 

Public buildings in Washington 

Payment of balances to collectors of new in- 
ternal revenue . - . . 

Stock in the Louisville and Portland Canal 
Company .... 

Stock in the Chesapeake and Ohio Canal 
Company- - . . . 

Payment of claims for property lost, &c. 

Appropriation for navy hospital fund 

Indemnifying the owners of the British ship 
Union - . . . - 

Repayment for lands erroneously sold by the 
United Stales .... 

Revolntionarjr claims ... 

Miscellaneous expenses 

Diplomatic department 
Contingent expenses of foreign intercourse - 
Relief and protection of American seamen - 
Prize causes - - - . . 

Treaties with Mediterranean powers.-. 
Treaty of Ghent, (6th and 7th articles) 
Treaty of Ghent, (Ist article) 
Awards under the Ist arlicla of the. tr^frfy of 
Ghent ..... 



61,600 00 

35,147 59 

192,928 62 

i 

1,698 91 



- $1,105,524 04 



316 84 

172,648 00 

37,647 97 

1,250 00 

750 00 
2,554 75 
2,819 67 
297 13 
4,215 41 
11,346 25 
4,632 69 
6,332 67 
49,159 70 
86,006 23 

192 46 



10,000 00 

75 50 

46,217 14 



327 00 
310,254 77 
57,175 13 

102,779 98 
15,756 69 . 
11,747 30 
■ 8,000 00 
33,T30 00 
2,700 34 
9,804 4S 



J5,781 17 



2,9»9,61&.2 



HIUXART KMAK-ISHUBNT. 

rayoftbearmy .... 807,156'66 
Sabaistence 177,965,^... 



.„Gooj^lf 



SECRETARY OP THE TREASURY. 



Forage 

Quartermaster's department 

Arrearages of the army 

Boaaties and premiums 

Expenses of recruiting 

Purchasing department 

Purchase of woollens for 1829 - 

Ordnance 

Arming and equipping the militia 

Armories 



Arsenal at Augusta, Maine 

Arsenal at Angusta, Georgia . . - 

Hospital department . . - - 

Coatingencies of the army 

Elxpenees of llie board of visiters to West Point 

Repairs and contingencies of fortifications 

Port Monroe . . . . . 

Fort Calhoun , . . . 

Fort Adams - - . . - 

Fort Hamilton - ... - 

Fort Jackson - . . . 

Fort Macon, at Deaufort 

Fort at Cape Fear 

Fort at Mobile Point - 

Fort at Pensacola 

Fort Delaware ... 

Armament of new fortifications 

Surveys, iStc., roads nnd canals 

Continuation of the Cumberland road - 

Repairs of the Cumberland road 

Etokd from Memphis to Little Rock 

Koad from Little Rock to Cantonment Gibson - 

Road from Fort Smith to Fort Towson 

Road from Pensacola to St. Augtif^tine 

Road from Detroit to Saginaw, &,c. 

Old King's road from the Georgia line, by St. 

Augustine, to New Smyrna 
Military road in the State of Maine 
Improving the Ohio and Mississippi rivers 
Improving the navigation of the Ohio river 
Improving Hyannis harbor, Massachusetts 
Improving Cleavelond harbor, Ohio 
Deepening the harbor of Presque Isle • 
Deepening the harbor ()f Sackett's Harbor' 
Preservation of islands m Boston harbor 
Bemoving obstructions in Hurop creek, Obio - 
Removing obstructions In Cunningham creekjO. 
Removing obstructions in Aehtabula creek, Ohio 
Removing obstructigns in Grand river, Ohio 
Removing obstructions in Mobile harbor, Ala. • 
BeiDDving obstructions in Appalachicola river, Fl. 



$36,821 02 

380,484 90 

13,955 37 

14,017 16 

11,252 74 

152,879 70 . 

10,000 00 

65,609 22 

165,332 90 

295,414 40 

60,292 08 

24,000 00 

16,778 81 

14,151 99 

10,353 92 

1,500 00 

14,af2 24 

76,334 66 

63,135 41 

66,504 32 

60,369 03 

47,744 00 

65,361 98 

34,729 30 

80,000 00 

4,000 00 

I 28 

114,660 64 

28,963 66 

128.509 36 

6,000 00 

9,470 18 

6,300 00 

8,884 00 

2,000 tie . 

230 14 

3,000 00 
1,000 00 
31,605 31 
6,000 00 



1,600 00 



tizedoy Google 



4BS 



REPORTS OP THE 



Bemoring obstructions in Piscatagun river 
Removing obstructioDS id Black nver, Ohio 
Building piers on Steel's ledge, Belfast, Maine - 
Building pieis at Newcastle, Delaware 
Building piers at the mouth of Dunkirk harbor, 

New York 

Building piers at the mouth of Oswego harbor, 

New York ----- 
Building piers at Laplaisance bay, Michigan • 
Piers, beacons, &£., within the harbor of Saco, 

Maine . . . - , 

Pier adjacent to the pier at Buffalo, New York - 
Repairing public piers ai Port Penn, Marcus 

Hook, nnd Fort Mifflin 
Surrey of a canal from the Atlantic to the Gulf 

of Mexico - - - - 

Surveying the Colbert shoals, in Tennessee river 
Survey oi the harbor of Nantucket, Mass. 
Barracks at Savannah, Greorgia 
Military cantonment near St. L.oui!:, Missouri 
Balances due to certain States on account of 

militia . - - . 

Settlentent of the Geoi^ia militia claims 
Military Acadsmy at West Point 
ReUef of officers, &c., engaged in the Seminole 

campaign . - - - 

Relief of Captain Bigger's company of rangers 
Relief of sundry individuals 
Ransom of American captives - 
Revolutionary pensions 
Invalid and half-pay pensions - 
Pensions to widows and orphans 
Suppression of Indian agressions on the firon- 

tiers of Georgia and Florida 
Pay, &c., of Illinois and Michigan militia, for the 

suppression of Indian disturbances • 
Presents to Indians 

Contingencies of the Indian department 
Creek treaty, per act of 22d May, 1826 
Emigration of tlie Cieeks beyond the Mississippi 
Civilization of Indians 
Pay of Indian agents - 
Pay of 8ub-agenl8 - 

Inaian annuities - . . . 

Choctaw schools, (treaty of 18th October, 1820) 
Treaty with the Cnoctaws - - ' - 

House for sub-agents, interpreters, &c. 
Extinguishment of the claims jof Cherokee In- 

dians to lands in Georgia 
Extinguishment of the claims of Cherokee Xa- 

dians to lands in North Carolina 



»i,m 00 


1,000 00 


33 76 


5,000 00 


3,000 00 


13,281 27 


2,977 81 


2,660 00 


20,000 00 


4,413 00 


308 62 


200 00 


300 00 


3,038 11 


996 93 


7,591 20 


316 66 


26,701 36 


698 94 


135 60 


29,852 33 


242 25 


670,627 66 


106,692 93 


4,412 37 


3,676 16 


39,889 63 


14,931 82 


90,449 12 


56,504 76 


31,134 25 


5,833 00 


21,650 00 


9,691 13 


189,839 61 


8,980 42 


4,077 57 


14,324 00 



t,i.a,Google 



SECRETARY OP THE TREASURY. 



Carrj'ing into efiect ceitaiD Indian treaties, 
(act 34th May, 1828) 

Holdiog treaties with the Chippewas, &c. 
(act 24th May, 1828) - 

Exploring of the country west of the Mis- 
sissippi, by a delegation of Indians 



$111,791 00 



From which deduct the following repay 

meats: 
Arsenal at Vergennes - 
Wall around the arsenal on the 

Schuylkill - 
Surrey of the harbor of Church's 

cove - - - - 

Survey of Saugatuck river and 

harbor ... 

Sorrey of Piscataqua river 
Sorrey of Hyannis harbor 
Repairs of Fort Constilntion 
Enctin? piers at Marcus Hook, 

Port Penn, &c. 
House and lot at Eastport, Me. - 
Repairs ot wharf at Port Wolcott 
Brigade of militia 
Treaty with the Cherokees, (act 

of 20th April, 1818 - 
Provisions for Q.uapaw Indians • 



$68 81 
70 53 

4 81 

30 03 
9 54 

27 00 
1 50 

36 11 

5 32 

37 83 
1,000 00 

2,265 07 
2,000 00 



NAVAL ESTABLISHMENT. 

Pay of the navy afloat 
Pay of the navy shore stations 
Pay of naval consb'uctors, superintend'ts, ice. 
Provisions , . . - 

Medicines and hospital stores 
Repairs of vessels - - - - 

Navy yards ... - 

Navy yard at Philadelphia - , - 

Navy yard at Washington 
Ordnance and ordnance stores 
BuildinE^ ten sloops of war - - 

Gradual increase of the navy 
Gradual improvement of the navy 
Prohibition of the slave trade 
Survey of the harbors of Savannah, Bruns- 
wick, iStc. - . - - 
Arrearages prior to 1827 - 
Arrearages prior to 1828 - 
Outfits ----- 

Prize money due to Thomas Donty 

Captors of Algerine vessels 

Bmief of sundry individuals 

Contingent, prior to 1824 



91,684,666 81 



918,912 72 
116,197 72 

63,600 62 
414,193 33 

48,954 86 

468,476 65 

141,037 80 

13 75 

22 17 

34,417 43 
194,690 29 

59,128 04 
288,461 19 

28,274 17 

1,154 87 
4,697 16 
9,838 69 
26,000 00 
19 96 
19 96 
13,360 68 



ivGooj^fc 



470 



REPORTS OF THE 



CoQtingent for tS24 

CoDtingeat, not enumerated, for 1824 

Contingent, not enumerated, for 1826 

Contingent for 1826 ... 

Contiugent, not ennmerated, for 1826 

Contingent for 1827 ' - 

Contingent, not cmimefated, for 1827 

Contingent for 1828 

Coniirigent, not enumeTatud, for 1828 

Breakwater near the mouth of Delairare bay 

Pay and subsislence of the marine corps - 

Clothing for marine corps - 

Fuel for marine corps 

Medicines for marine corps 

fiftrracks for marine corps - 

Military stcras for marine corps 

Contingent f jr marine corps 




From which deduct the following repay- 
ments: 

Rewarding the officers and crews 

of the Wasp and Cotistitution $3,418 60 

Contingents for 1825 - - 553 06 

Houses for ships in ordinary - 190 00 



PUBLIC DEBT. 

Interest on the fimded debt - - 2 

Redemption of the 6 per cent, stock of 1813, 

(loan of sizteet} miltions) - - 2 

fi^emption of the 6 per cent, stock of 1813, 

(lean of seven and a hnlf millions) - 2 

Reioibutsement of Mississippi stock 
Paying the principal and interest of Trea- 
sury notes - . - . 



3,205,302 24 



4,161 66 

$3,201,140 69 



7,31 



$18,244,907 91 



TitiCASuaY Department, 

Register's O^e, December 4, 1828. 

JOSEPH NOURSE, Register. 



tizedoy Google 



1828.] SECRETARY OP THE TREASURY. 471 

No. 1. 

STATEMENT of the funded debt of the United Slates, as il will 
txist on the Ist of January, 1829 ; exhibiting, also, the dates of the 
acts under which the several sto:ks wire constituted, and the periods at 
vhich they are, or were, redeemable. 



Stocks.. 


Dale of acts con. 

stiiuiing the se- 
re ral stocks. 


Periodtwhenre. 
deemaUe. 


Amounla. 


Three per cent, slock, 

Six per cent Hock - 
Six per ceat. slock - 


An?.*,!-™) • 

March 34, 18H 
March 3, 1815- 

ApriUO, 1816- 

May 15, 1830 - 
MarchS, ISiJl- 
AprilM, 1833- 

May S4, 1^4 - 
May 36, 1821 • 
May 26, 1824 - 
March 3, 1825- 


At Ihe pleasure of 

Govcrnmenl 
In ISST - 
la 1638 ■ 

At the pleasnre of 
Government - 
In 1833 - 
In mi - 

One-third in 1930; 
one-third in 1831; 
(.ne-thiidinlB33. 

In 1833 - 

blBW - 

One-half n 1833; 
one-half n 1834 - 
One-half a 1829; 


ftS.im.TSS 93 
9,49D,0S9 10 


£13,396,3^ U 


Amonot ai six per 
cenL 

Fire per cidi. stock, 
ratocriptioD 10 the 
BankoCiheU.S. - 

Fire per cent, stock - 
Fire per «eui. stock - 
Ezehaogcd five per 
eenl. stock 

Anuant 'at fire per 

Foot and a half per 

cent, ilock - 
Foar and a half per 

cent. Mock - 
Eichan^ four and a 

half per ceoLaock 
Eichangedfouranda 

halfper cent, stock 

Amount ai fonr and a 
half per ceoi. 


7,000,000 00 
999,999 13 
4,'335^30 

56,704 77 


16.379^ 03 


6,000,000 00 
5,000,000 00 

4,454,TirT 96 
1,539,336 16 


I3,7!Ky»0 90 




19,9»4,06l 11 




«&8,36a,I3578 



Treasury Department, 

Register's Office, December 4, 1828. 

JOSEPH NOURSE, Begiattr. 



tizedoy Google 



4T2 REPORTS OF THE [1828. 

No. 2. 

The actual receipts into the Treaaury from all sources, 
during (he year 1S27, amouDted to - - - $22,966,363 96 

Viz. 

Customs . - - . $19,712,283 29 

Laniii, (statement D) - - - 1,495,845 26 

Dividends on stock in the Bank of the 

United States, (statement E) - - 420,000 00 

Arrears of internal duties, direct tax, and 
other incidental receipts, (statement E) 100,439 97 

Repayments of advances made in the War 
Department for services and supplies 
prior to 1st July, I8I6, (statement K) 32,846 44 

Moneys received from the British Gor- 
emment, under the convention of the 
13th November, 1826, (statement E) - 1,204,960 00 



Makicff, with the balance in the Treasury 

on the l8t January, 1827, of - - 6,338,686 18 

Anaggre^teof- - - - 29,325,050 14 

The actual expenditures of the United Stales, on alt ac- 
counts, during the year 1837, amounted (statement F) to 22,656,764 04 
Viz. 

Civil, diplomatic, and miscellaneous - $2,314,829 85 

Military establishment, including fortih- 
catioDS, ordnance, Indian department, 
revolutionary and military pensions, 
arming militia, and arrearages prior to 
1st January, 1817 - - 5,675,741 62 

Naval service, including the gradual im- 
provement of the navy - - 4,363,877 45 

Public debt ... - 10,003,668 39 

Payments of awards to owners of slaves 
and other property, under the conven- 
tion with the British Government of 
the 13th Novnnber, 1826 - - 398,646 73 



Leaving a balance in the Treasury, on the 1st of January, 

1828, of $6 ,668,286 10 

Tbeahurt Depahthent, 

Renter's Office, December 4, 1828. 

JOSEPH NOURSE, Register. 



tizedoy Google 



1888.] SECRETARY OF THE TREASURY. 473 

No. 3. 

The MtDal receipts into ibe Treaaarj, during Ihe firsl ibree quarter^ of the 
jreer 1828, are estimated 1o have aEuoDiUedio .... $18,633,58037 

Viz. 

Ciutama 917,309,169 13 

Lands 564,507 33 

Dividends on slock in the Bank orthe United Stales 455,000 00 

Arreanof inieinalduties, direct tax, and incideaial receipts fi89,ISQ 73 

RepajmeDt of advances made in Ihe War Depaitmenl, 
prior 10 the Isl July, 1615 - ■ 15,750 49 

.Ind the actvsl receipts into the Treasury, daring Ihe fourth qnarter of the 
vear, are esiijuiued M 6,461 ,S83 40 

Making the lol&lreceipUi into the Treasury, dnruie the jeariese - - 34,094,863 67 

And with the balanee in the Treasury nn the 3ln December, 18^, of - 6,668,286 10 

An aggregate, estimated at , - - 30,763,149 77 

The expenditure^ during the &ist three quarters of 1828, 
have amoDDied to (statement I) - - . . S16,M4,907 91 

Viz. 
Civil, diplomatic, and miscellaneoQs - 82,235,823 97 

UiUlary establislimenl, incloding fonifica- 
ticQS, ordnance, Indian de[«rtment, revo- 
lntitHiaryaiidnulitaTy pensions.and arm- 
ing the militia .... 4,684,66681 
NavaJ service, including the gradual im- 

proTcment of the navj - - 3,201,14068 

Poblic debt- 
Principal - «5,002,031 53 
Interest - 3,357,566 67 

7,359,568 19 

Payment of awards to owners of slavos, and 
Mher property, under the convention with 
Ihe British CJovemment, of ihe 13th No- 
vember, 1826 .... 768,68836 

IndlbeexpeDdiiuresof the fonilh qnarter areestimated at 7,392,603 7*2 

Viz. 
Civil, diplomatic, and misceUaneoitis - SM6,00A 00 

Mil tiarv establishment - - 1,100,000 00 

Naval ^rvice ... - 900,00000 

Poblic debt- 
Principal . J4,059,4Gi 67 
Interest - 744,514 04 

4,Sra,978 71 

Balance of awards to owners of slaves and 
otherproperty .... 43,6S& 01 

Making the total csiiniated eipendilure of the year 1828 ■ - 25,637,511 63 

And leaving in the Trewnry, on the 1st January, 18S9, an estimated bal- 
Mceof <5,12 5.6M 14 

Treasury Department, 

Begista's Office, December 4, 1828. 

JOSEPH NOURSE, Register. 



tizedoy Google 



474 REPORTS OP THE [18a& 

No. 4. 

ESTIMATED AMOVNTof Trtamry nata mUtaiiding m He in 

October, 1828. 

Total amount issued, as exhibited in statement No. 2, which accompanied 



the Secretary's report of the 8th December, 1827 
Cancelled aod reported oa by the First Aud itor 


$36,680,794 
36,670,419 


Outstanding ...... 


$10,375 


Consisting of small Treasury notes - $2,135 
notes bearing interest - 8,240 


$10,375 



Treasury Department, 

Register's Office, December 4, 182a 

JOSEPH NOURSE, Reguler. 



No. 6. 

STATEMENT of the stock issued under the act of Confess entitled 
" An act supplementary to the act for the indemmjicalum of certain 
claimants of public lands in the Mississippi Territory" passed an 
the 3d March, 1816. 

Amount of claims awarded, per statement No. 3 of the last 
report $4.282,151 12 

Whereof there was paid in lot lands, per statement - 2,447,539 39 

Paymentsfrom theTreasury, to the 30th Sep- 
tember, 1827, per said statement - $1,827,958 04 

Paid from Ist October, 1827, to 1st Octo- 
ber, 1828 - - - - 1,800 00 

1,829,758 04 

Balance outstanding 1st October, 1828, consisting of — 
Certificates outstanding - $4,809. 09 

Awards not applied for - - 44 60 

4,863 69 

$4,282,151 12 



Treasury DBPARTMitNT, 

, Dtcefi . . __. 

JOSEPH NOUBSE, Register. 



Registefs Office, December 4-182B. 
'OSEP- " 



tizedoy Google 



SBCRETABY OP THE TKEASURY. 



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476 REPORTS OF THE [1825. 

R 

A ST A TEMBNT exhibiting the value and qitanlUies, rapeaively, of 
merchandise on which duties actually accrued during the year lffiJ5 ; 
{consisting of the difference between arlidea paying duty, imported, 
and those entitled to drawback, re-exported ;) and, also, of the nett reve- 
nue which accrued that year from duties o?i merchandise, tonnage, 
passports, and clearances. 



S7,386 atlSpercrm 

1,569,003 at 121 do. 

3,983,363 at lb do. 

8,619,757 also da 

30,804,652 aiSA do. 

5,865,032 Bl30 do. 

5,155,710 Bi33| do. 

15,033 al35 do. 

136,439 at 40 do. 

560,349 U50 do. 



»55,7l 



■fiii 

22,316 exported, at 7i per ci 



"* • ■ a.. 

3. Teas, 6,557,629 pounds, 
Goffep, 22,357,731 do. 

4. Sui^r, 47,504,033 do. 

5. Salt, 3,537,378 busheLs 

6. All other arlictes 



33.53 do. 

5.00 do. 

3.06 da. 
30,00 do. 



Add duties which accrned OD merchandise, ihe parlico- 



Add 21 per ceoi. retained on drawback - 
10 per cent, extra, duty on foreign vessels 
discriminating dulr on French vessels 
interest on custom-house bonds 
storage received . . - 

Dntiet on merchandise 
Add dnticK on tonnage 

light mone; ■ - ■ ■ 

Add passports and clearance's 



S874 30 

196,125 36 

447,354 30 

1,733,961 40 

7,701,313 00 

1,759,506 60 

1,716,570 00 

5,261 55 

50,5'raCO 

380,174 50 



13,881,940 31 



12,766 52 
21,531 10 
IS, 787 46 
17,886 05 
17,769 02 
)7,475 60 
^,698 90 



19,916 91 
2,558 19 

23,664 49 
2,656 78 



„Gooj^lc 



1825.{ 



SECRETARY OF THE TREASURY. 
Explanatory Statements and NiOea. 



I Wines— 










161,3»6gaJ1oD 


,alI0Oceni9 ■ 




Burgnadyanrt Champagne, 


13,333 do. 












at 60 do. 






Uston Oporto, fc. 


345,663 do. 








TeoenOe, Fayal, 4c 




U 40 do. 








OT.OW do. 


at 30 do. 








2,018,569 do. 


ac 15 do. 




311,035 35 




2,688,640 do. 




1 Wa.lll 15 





















Prom grain, In proi 


rf- 1,001,544 


do 


al Vi do 












131,155 








7,715 


do 












Other male rial 9, 9d do 


674,085 


dr. 


at 38 do. 


3d do 


780,131 


do 


al 43 do. 


4ih d< 


- 1,419,948 


do 


ai 48 do. 


5tli d( 








Above 5«h do 


975 


do. 


at 70 do. 



Bohe» 91 ,755 poiwdr, a! 

Soachong - - 1,033,516 do. u 

Hyson fkJQ, Ac - 2,197,041 do. U 

Hysoa and yonng hysoti - 3,039,148 do u 

Imperial - . . 197_ igg jo. at 
Eiirsdutyon teasimporledrrom 

other places than Chioa - - - 



6,557,63 



do. 



4 S«ar— 

WfaiW, clayed, &c. 



i Sail- 
Imported. 
Exported, 



47,504,033 do 



55,354 

- 1,046,428 
,101,7 



• 4,639,160 al 20 cetils , 



1,8 02,766 58 

11,010 60 

258,129 00 

I 615,171 is 

' 1,215,659 20 

98,584 50 



tizedoy Google 



REPORTS OP THE 

Explanatory Statements and Notes — Contioued. 



[1825. 



e. All other snides. 



Carpeting, BrnsseLs, Wilioo, &c. 

Vcuetiaa and ingrain 

all other, &c. 
Cotton bogging 
Vinegar . - - 

Beei, ale, and porter, in bottles 

Oil, spermaceti 

whale, and other fish 
olive, in casks - 

linseed 
hempseed 

Chocolate 

Sugar, candy 



loaf 



s and plun 



n^ 

raisins, jar, and Muscatel 

Caudles, tallow 

Caeese - 

Soap 

Tallow - 

Lard 

Beef and park 

Hams eintt other bacon 

Butter 

Vitriol, bhiG or Roman 

Camphor, erode 

reBaed - 
Salts, Epsom 
Glauber 
Spices— Cayenne pepper 
ginger 

nutmegs 



pepper, block 
pimento 

Tobacco, manafactured, Ac. 

Ganpowder 

Briatte - 

Gtoa 

paints — oehte.dry - 

white and red lead 

Lead, pig, bar, and iheet 



79,188 

619,392 

b,l-it 

4,073,910 

20,082 

57,615 

7,051 

5 

351 

7-2,021 

1,017 

67,ld5 

35,£)»4 

19 



784,9M 
1,766,797 
1,619,094 



33,571 
330,909 
134,076 



17,479 
M,!07 
90,470 
27,219 
1,405,763 

935,044 

105,647 
397 

414,756 
43,905 

112,688 
50,363 

408,003 



tizedoy Google 



laas.j SECRETARY OP THE TREASURY. 

Explanatory Siatcmenia and Nates— Gontinued. 









Rate 




6. AlloUierulicles. 




ananlilf. 


of 


Duties. 








Cnls. 




(M.l«, urred - 


pounds 


114,033 


4 


84,56133 


Cocdage, tarred - 




do. 


■ 235, aia 


4 


9,408 48 


uniarred 




do. 


176,057 


5 


8,803 85 


Twine, nntarred, yam, Ac 




do. 


313,748 


5 


15,687 40 


CorkT 




do. 


109,158 


13 


13,098 96 


Copper, rods and bulls 




du. 


111,531 


4 


4,461 34 


naila and Fi^a 




do. 


2,573 


4 


103 93 


Fire-anns, mofkeia 




Nj. 


13,069 


ISO 


'3'^SS 


rifles 




do. 


13 


850 


30 00 


Ina and aleel wi^^ not above Na 18 


pounds 


580,270 


6 


29,013 60 


above No. 18 - 




a05,693 


9 


18,512 91 


tacks, brad^ and sprigs, na above 10 oi 


M. 


32, 53a 


5 


1,636 60 


above 16 ot. 


puunds 


li.im 


5 


330 10 


DBite 


do. 


S78.103 


5 


18,905 15 


^n cables, &c. 




do. 


■27,815 


4 


1,113 60 




do. 


416,367 


3 


12,488 01 






do. 


186 


4 


744 


jnillsawt 




No. 


1,496 


100 


1,496 00 


anchora 




ponnds 


00,836 


3 


1,016 73 


anvils 




do. 


587,663 


3 


11,753 36 


hammers and sledges 




do. 


66,282 


31 


1,656 55 


cssitnES, vessels of 




do. 


770,637 


It 


11,659 55 


other 




do. 


43(i,363 




4,363 63 


round end brazier's roi 


s 


do. 


58,137 


3 


1.743 81 


nail and spike rods 




do. 


14,078 


3 


432 34 


sheet and boop 
slit and lolkd 




do. 


2,081,367 


3 


63,441 01 




do. 


70 


3 


2 10 


Kfr, rolled '• 




cwt. 


17,273 


50 


8,636 35 




do. 


79.345 


150 


119,017 60 


hammeted 




do. 


48-1,786 


90 


436,307 40 


Suel 




do. 


34,146 


loo 


34,146 OO 


Hemp 




do. 


91,104 


175 


150,433 00 


AtanT 




do. 


3 


a6o 


750 


n^ieat flont 




do. 


3,713 


«I0 


7,444 00 




do. 


88 


so 


44 00 


Coal 




bnshels 


816,414 


6 


48,984 84 


Wheat 




do. 


3,448 


25 


863 00 


Oais 




do. 


9S8 


10 


9S80 


PottMes 




do. 


36,911 


10 


3,691 10 


Piper, folio and 4io post 




Fonnds 


12,753 


90 


3,550 6J 


^'foolscap -"^ 




do. 


540,333 


17 


91,866 44 


printing - 




do. 


2,660 


10 


966 00 


sheathing - 




do. 


91,676 


3 


9,750 58 


all other - 




do. 


27,5fi9 


IS 


4,135 35 


Books, printed previous to 1TJ5 


do. 


1,237 


4 


4U 48 


printed jn otlMr lan«mage.«, Ac. 
Latin an? ateek,b.>und 

in boariLi - 


do. 
do. 


111,683 

6,883 


4 
15 


4,467 33 
883 30 


do. 


7,003 


l-J 


910 39 


all other, bound 


da 


13,013 


30 


5,703 90 


in boards - 


do. 


83,677 


36 


91496 08 


OUfls, cot, and not specified - 


do. 


3^,225 


.3 


I,l»75 


all other, &c. 


do. 


983,897 


3 


19,367 94 


apothecaries' vials, not above 4 oz. 


gross 


3,258 


100 


3,968 00 


not above 8 ot. 


do. 


367 


1» 


458 76 


bolUet, not abovej quart 


do. 


13,697 


300 


*^'^2? 


jMOVtl 


do. 


39 


9W 


55 00 


&dZlt - 


do. 


4 


300 


13 00 


. window,not above 1 br K inches 


lOOsq.ft 


■fi86 


300 


9,058 00 


10 b 


r IS da 


do. 


7» 


3G* 


S,6U0O 



t,i.a,Google 



REPORTS OP THE [lS8i 

Explanatory StaUmerUs and Notes. — CtmtiiuHd. 



G, All (dher aniclef . 



Glass, window, above 10 bj 13 inches 

demijobos 
Fiiib, dried or smoked 

salmon, pickled 

msckerel, pickled 

all other, pickled 
Shoes and slippers, silk 

firunelle 
ealber, men's, ic . 
children's 
Boots and hooieea 







R«<- 






aiiuitit7 


daij. 








InUi 




OOsq, fed 


3,719 


m 






77 


mt 




No. 


32,301 


a 


iffi) 




1,55« 


i«) 


i.m 


barrels 




wm 


l.VHt 


do. 




l-W 


Mi 


do. 




inn 


«•■ 


ptiirs 


1,843 


3V 






1,747 


a. 




do. 


1,481 


IS 


m 


do. 


1,105 


15 


BJ 


do. 


318 


IW 




M. 








packs 


8,994 


3U 


isaa 



Salipelre 
SnidT 



Dock, Russia 

Shceling, brown 

Raisins, oiher ihu jar, &c. 

Candles, (allow 

Soap - 

White and red lead - 

Cordage, tarred 

EroD, nails - 

sheei and bonp 

hammered 
Glass, window, not above 
bf 10 inches 



IS or fiporiation ovei 

1,495 pounds, ai 

97 poands, ai 

- 136, m4 pound.', ai 



Exports al former duties , 

100 pieces, at UOO cents 

180 pieces, al 135 cenls 

410 pieces, ai 160 cenis 

3,000 poonds, at 3 cenis 

2,Z-3S pounds, at 3 oenLi 

4,350 pounds, al 3 cenb 

705 potinds, al 3 ceats 

10,37H pounds, at 3 cents 

6,903 pounds, at 



1,155 c 



it 250 cents 



4,140 31 
son 00 
«S6I» 

60 oa 

69 TO 
131 68 

83 95 

311 34 

216 19 

1,665 OS 

acGss 

KOO 



i,».»* 



c. 

A STATEMENT exhilnting the amount of Amerieaa W.^ 
tonnage employ td in the foreign trade of the Untied SKoWi*^ 
the year ending on the ^Ist day of December, 1826. 

American (mna^ in foreignirade -■...- Tw^'^ 

Foreign tonnage in foreign trade - . - . . . - _J!^ 

TMal tonnage empk^ed in iheforeif^l^aiie of the United Stales - - _J~-' 

Proporliouof foreign tonnage lo the whole amoiint of tounagceiDpland in tbe , ^ 
foreign trade offfii United States - ■- - - '. - WM^ 

Trsabory Department, 

Regialer's Ofiee. 

JOSEPH NOUItSE, Begi^" 



SECRETARY OF THE TREASURY. 



REPORT ON CURRENCY, 

MADE TO THE HOUSE OF BEPBESEKTATIVES OF THE ONITED STATES, 
S4Tn FEBRUARY, 1633. 



TftEAfiDRY DgPABTHENT, 

February 13, 1830. 

Sir: In obedience toaresolutionof the House of Representatives, passed 
on the 1st of March, 1819, directing " the Secretary of the Treasury to 
transmit to Confess, at an early period in Ihe next session, a general state- 
ment of the condition of the Bank of the United Slates and its offices, simi- 
lar to the return made to him by the bank; and a statement, exhibiting, as 
nearly as may be practicable, the amount of capital invested in the different 
chartered banks in the several States and the District of Columbia, the 
amount of notes issued by those banks and in circulation, the public and pri- 
vnie depositee in them,lhe amonntofloansanddiscounts made by them, and 
remaining unpaid, and the total quantity of specie they possess; and, also, 
to report such measures ns, in his opinion, may be expedient to procure and 
retain a sufficient quantity of gold and siver coin in the United Stales, or to 
supply a circulating medium in place of specie, adapted to the exigencies of 
the country, and wilhin the power of the Government:" I have the honor to 
submit the subjoined reporl and statements. 

Statement A exhibits the condition of the Bank of the United States and 
its offices, on the 30th of September 1819. 

Statement B exhibits the amount of bank capital authorized by law du- 
ring the years 1814, 1815, 1816, and 1817. As this statement is founded 
upon tbe applications made to Ihe Treasury under the acts imposing stamp 
duties, it is believed to be substantially correct. The average dividends 
upon which the stampduty was paid, during those years, amounted to about 
7i per cent, upon the nominal amount of capital; it is, however, a matter of 
general notoriety, that the dividends u^n bank capital, actuallypaid, exceed- 
ed that rate. If it is assumed that the dividends declared, and upon which the 
duty was paid, amounted, during those years, to 10 per cent ; then the capital 
actually paid, in the year 1817, instead of being more tlwn $125,000,000, as 
it is exhibited in statement B, will be found to be about $94,000,000; but, 
Then it is recollected that, after the first payment reijuired by the charters ol 
the different banks, they have generally gone injf'operation, it is probable 
that a considerable proportion of the remaining piyments have added nothing 
to their active capital. This fact being assum^, and a deduction being 
made of the amount of permanent accommodation enjoyed by the stockhol^ 
ers in their respective banks, the acti^ bank capital of the United States 
may be fairly estimated at a sum no^xceedirg $75,000,000. That these 
deductions ouglit to be made, in an attempt to ascertain the real amount of 
bank capital, cannot, it is presumed, be contested. If a stocltholder to the 
Vol. 11—31 



tizedoy Google 



4S2 REPORTS OF THE [1830, 

amount of $10,000 has apermattent acc^ommodalion in the bank of $8,000, 
be has, in fact, but $2,000 of capital in the bank. This is equally true 
when n portion of his subscription has been paid with his own note, how- 
ever well endorsed : so long as the note remains unpaid, it adds nothing to 
the real capital of the bank. 

Such, it is believed, has been the process by which the capital of most of 
Ifae banks has been formed, which have been incorporated since the com- 
mencement of the late war. Since that period, banks have been incorpo- 
rated, not because there was capital seeking investment; not because the places 
where they were established had commerce and moimractures which required 
their fostering aid; but because men without active capital wanted the 
means of obtaining loans, which their standing in the community would not 
command from banks or individuals having real capital and established 
credit. Hence the multiplicity of local banks, scattered over the face of the 
country, in particular parts of the Union ; which, by the depreciation of their 
paper, have levied a tax upon the communities within the pale of their in- 
fluence, exceeding the public contributions paid by them. 

Statement C presents the condition of the Stale banks from which returns 
have been received, or have been transmitted by the Secretaries of State of 
different States, in conformity with the request of the Treasury Department, 
By comparing this statement with statement B, it will be perceived that it 
is very imperfect. Independently of the banks which have been created 
since the year 1317, it will be discovered that bank capital, to the amount 
of more than $IS;0O0,O00, comprehended in statement B, is not embraced in 
it. As the amount of bank capital exhibited in statement C is S72,0OO,O(M), 
and its specie $9,828,000, the whole specie possessed by the State banks 
may be estimated at ^12,250,000 ; if to this sum be added the specie in the 
possession of the Bank of the United States and its offices, the specie capi- 
tal of all the banks in the United Stales may be estimated at $15,500,000. 
There are no means of ascertaining, with any degree of precision, the amount 
of specie in circulation; it is probable, however, that it does not exceed 
$4,600,000. Assuming this amount to be nearly correct, the whole metal- 
lic currency of the Union may be estimated at $20,000,000. Applying 
the same rule for ascertaining the circulation of the banks, not embraced by 
statement C, which has been employed to determine their specie, the whole 
amount of bank notes in circulation may be estimated at $46,000,000. It 
is probable, however, that this estimate is too high; as, according to the 
general practice of banks, all notes issued are considered in circulation, which 
are not m the possession of the bank by which they were issued. A rea- 
sonable deductMn being made from the notes supposed to be in circulation, 
but which are, in ^act, in tlie possession of other banks, it is probable that 
the actual circulation, both ol paper and specie, is less, at this time, than 
$45,000,000. By the^ame mode of calculation, the whole amount of dis- 
counts may be estimated at $156,000,000. 

The destruction or losa of the returns made to the Treasury before the 
year 1816, by the banks in. which the public money was deposited, pre- 
vents any satisfactory compar^n being drawn between their condition be- 
fore and since that period. Comparative statements, however, have been 
received from sixteen banks, in different parts .of the Union, showing their 
situation on the 30th day of September, in the years 1813, 1815, and 1819. 
By statement D, it appears that those bonks, at tlie iirst period, with a cap- 
ital of $6,903,262, and with $3,059,149 uf specie in their vaults, circulated 



tizedoyGOOJ^If 



IffiO.j SECRETARY OF THE TREASURY. 4S3 

$6,S46,3<14 of their notes, oiid discounted to the amount of $13,990,975 
at [he second period, their capital was $8,352,371; specie ®1,C93,91S , 
circulation $9,944.757 ; and discounts $15,727,318 : and nt the third period, 
their capital was $9,711,9()0 ; specie §1,726,065 ; circulation $4,259,234 
anddiscouuls $13,959,560. 

By skitement B, already referred to, it has been shonrn that in the year 
1S14 the nominal bank capital in Che United States exceeded $80,000,000. 
It is uuderstood that a large addition was made to it in that year in several 
of the States. If it be admitted that such addition amounted to $1 5,000,000, 
tbe bank capital in operation in the year 1813 may be stated at $65,000,000. 
Allowing to this capital the same amount of specie, circulation, and dis- 
connts, as was comparatively possessed by the banks comprehended in state- 
ment D, the estimate will be, specie $28,000,000; circulation $62,000,000; 
and discounts $117,000,000. In 1815 the bank capital had increased to 
$88,000,000, whilst upon the same principle of calculation the specie 
would have been estimated at $16,500,000, circulation at $99,000,000, and 
discounts at $150,000,000. Applying this principle to the $125,000,000 
of bank capital in operation during the year 1819, the specie possessed by 
ail tbe banks would amount to $21,500,000, circulation $53,000,000, and 
discounts $157,000,000. 

These last results, with the exception of the discounts, very materially 
didfer from those which have been obtained by the mode of calculation pre- 
viously adopted. They nevertheless furnish materials wliich may bo 
useful in the progress of this inquiry. From them the following deductions 
may be drawn : 

1st, That, in the year 1813, the circulation of bank notes was nearly 
equal to the bank capital. 

2d. That, in the year 1815, it exceeded the capital by one eighth. 
3d. That, in the year 1819, it was less than the capital nearly in the pro- 
portion of 1 to 2.5. 

,4th. That whilst the amount of bank capi tal hns increased, since 1813, 
from ti5. to 125., the metallic basis, upou which the circulation of notes is 
founded, has decreased in the proportion of 15.5 10 28 ; being equal lo 44.6 
per cent. 

6lh. That the circulation of notes in the year 1819, iii' proportion to the 
specie in the possessionof the banks, exceeded thatofi6l3 25.9 percent. 

6th. That in the year 1813 tha discounts, irKproportion to the bank 
capital employed, exceeded those of 1816 in 'tis ratio of 18 to 17, and 
those of 1819 in the ratio of 18 to 12. 

7th. That the increase of bank notes in circulation between the years 
1813 and 1815 excaeded the increase of discounts during the same period 
by ^000,000, whilst the speofe in the vaults of the teaks was dimin- 
ished $11,000,000. y 

8th. That whilst between the years 1816 and 1819 an addition of 
$37,000;000 has been made to the nominal bank capital, but $6,000,000 
have been added to the aggregate amount of discounts. 

It is probable that between the year 1811 and the year 1813 a consid- 
erable addition was made to the paper circulation of the country. From 
a return of the former Bank of the United States, made to the Treasury ia 
1808, it appears that with $16,300,000 of specie, it circulated only 
$4,787,000 of notes. Another return, mad* in 1810 shows its condition 
was not materiidly changed. Shortly after the expiration of its charter 



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484 REPORTS OP THE [1820. 

bank capital, to a great amount, was incorporated in sotnu of ihe States. 
The expenditures produced by the war whkh was declared in 1812, with- 
out doubt, contributed, in some degree, to produce the difference between 
the condition of-the sixteen banks already referred lo, and that of the former 
Bank of the United States. If it be admitted, however, that the circnla- 
tion in 1813 was not redundant, it must have become excessive rn 1815. 
An increase of the currency, in the space of two years, in the proportion 
of 99 lo 62,*eyen if it had been wholly metallic, could not have failed to 
have produced a very great depreciation ; but when it is considered that 
not only the increase, but the whole circulation, consisted of paper, not con- 
vertible into specie, some idea of its depreciation may be formed. The 
depreciation, however, was not uniform in every pari of Ihe Union. The 
^rinlion in the degree of depreciation depended not only upon the greater 
issues of bunks in one section of the nation than in others, but also npott 
the local advantages which they enjoyed as to commerce. It is impossible 
to determine with precision where the most excessive issue of bank notes 
occurred. Statement E, which exhibits the rate of exchange between tho 
principal cities to the east of this place and London, and the price of bills 
at New York upon Boston, Philadelphia, and Baltimore, during the years 
1813, 1814, 1815, and 16L6, may be considered presumptive evidence of 
that fact. So far as it can be relied upon for that purpose, Baltimore was 
the point of greatest depreciation among the abovenientioned places. This 
is probably true, as it is known that the banks in that place made greater 
advances to the Government in the loans which it obtained during the late 
war, in proportion to their copital, than those of Philadelphia, New York, 
and Boston. But the greatest depreciation of the currency existed in the 
interior States, where the issues were not only excessive, tnit where their 
relation to the commercial cities greatly aggravated the effects of that excess. 

This statement may also assist in explaining the cause of the necessity 
which existed in 1814 for the suspension of specie payments by the banks. 
From the commencement of the war until that event, a large amount^f 
specie was taken out of the United States, by the sale of English Govern- 
ment bills at ft discount, frequently of from 15 to 30 per cent. Immedi- 
ately afler the otspension, they commanded a premium in those i^Iaces 
where the banks h»d suspended payment, which gradually rose to a) per 
cent. ; whilst at Bostbu they remained at a discount of about 14 per cent, 
until February, 1815. 

Whatever may have been the degree of depreciation of the currency in 

1815, it continued to augment throughout the first six months of the year 

1816, if the rate of exchange with LowJon is considered conclusive evidence 
of that feet. The excessive importations of British merchandise during that 
period, and in the preceding y^ar, might indeed account for the increase of 
premium paid upon sterling bills, and was probably one of the principal 
causes of it. The great fluctuations which occurred in the latter part of that 
period furnish some reason, however, for ascribing them, in soraed^ree, 
to changes in the value of the currency, in which their price was calctilated, 
rather than to the ordinary principles of exchange. It is nwre probable that 
the currency in those places where it was not convertible into specie fluctn- 
ated in value according to the eflbrts which were made in particular places to 
prepare for the resumption of specie payments, than that the balance of pay- 
ments between the two countnes should have varied to such an extent ns is 
indicated by the sudden variations which occurred during that period in the 



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1 830.] SECRETARY OP THE TRBAiSURY. 485 

rate of exchange. So far as these fluctaations are ascribable to the cnrrency 
in which the rate ofexchancre was determined, a considerable apprecitition of 
that currency tooli place in the last months of the year 1816. From that 
period nnill the present lime, the circulation has rapidly dinlinished, and all 
the evils incident to a clecreasing currency have been felt in every* part of 
the Union, except in some of the eastern States. 

If, as previou^y stated, the circulation of 1813 be admitted to be the 
amount required to effect the exchanges of the community with facility and 
advantage, and that, in the year 1815, that circulation was eztenikd to 
$99,000,000, which was in some degree augmented in 1816, the extent of 
the diroinutjon of the currency, in the space of three years, may be perceived. 
But it is probable that the currency, in 1815, exceeded ®99,i)00,000. The 
banks, upon whose sitvalion that estimate is founded, were established at 
a period when the practice of dispensing with thepaymentof those portions 
of their capital falling due after they went into operation had not been gen- 
erally introduced. Some of them did not suspend specie payments during 
the general suspension. The rest were among ihe first to resume them, and 
bare continued them to the present time. It cannot be expected that banks, 
which went into operation during the war, and after the general suspension 
had occurred, wore conducted with an equal decree of prudence and circum- 
^KCttOQ. A reasonritle allowance being made for bank notes supposed lo be 
in circulation at that period, but which were, in fact, in the possession of 
other banks, and for the excess of issues beyond the estimate, the circulation 
may, it is believed, be safely calculated at not less than $110,000,000. The 
paper circulation in 1813 has been estimated at $62,000,000. At that 
period, however, gokl and silver formed a substantial part of the currency. 
The condition of the old Bonk of the United States in 1810, and of the six. 
teen banks in 1813, proves that the demand for specie from the vaults of the 
banks was inconsiderable. It is, therefore, probable that the whole circu- 
lation of 1813 amounted to $70,000,000. In 1815 it is estimated lo have 
risen to 8110,000,000; and this amount was probably augmented in 1816. 
At the close of 1819 it has been estimated, upon data believed to be sub- 
stantially correct, at jf45,000,0'X). According u these estimates, the cur- 
rency of the United States has, in the space of three years, been reduced 
from 1^110,000,000 to 845,000,000. This reduction exceeds fifty-nine per 
cenL of the whole circulation of 1815. The fact that the currency in 1816 
and 1816 was depreciated, has not sensibly diminished the effect upon the 
community of this great and sudden reduction. Whatever was the degree 
of its depreciation, itwjis still the measure of value. It deiermined the price 
of labor, and of all the property of the cornmimity. A change so violent 
could not fail, under the most favorable auspices in other respects, to pro- 
duce much distress, to check the ardor of enterprise, and seriously to affect 
th« productive energies of the nation. The reduction was, in fact, com- 
menced under favorable auspices. During the year 1S17, and the greater 
part of 1818, ail the surplus produce of the country commanded, in foreign 
markets, higher prices ihan ordinary. The rate of foreign exchange afforded 
no inducement for the exjrartnlion of specie, for the purpose of discharging 
debts previously coniracled. The only drain to which the metallic currency 
was subject, was the demand for it for the prosecution of trade to the East 
Indies and to China. In this trade, specie being the principal commodity, 
and indispensable lo its prosecution, the amount exportedduringthose years 



tizedoy Google 



4S6 REPORTS OF THE [1820. 

was very great, and seriously nffftcled the amount of circulation, by com- 
pelling the banks to diniinish their discounts. 

Notwithstanding the drain for this commerce during these years was nn- 
usUHlly large, every other circumstance was favorable to the restoration of 
the currency to a sound state, with the least possible distress to the communi- 
ty. Tlie capacity of the country to discharge a lai^ portion of the debts- 
contracted with banks, and which had occasioned their excessive issues, was 
greater than at any former period, and than it probably will be again for a. 
lapse of successive years. The effort to reduce the amount of currency 
during tiiose years, though successful to a considerable degree, was not pur- 
sued with sufficient earnestness. In the latter part of 1818, whcu the price 
of the principal articles of American production had fallen nearly fifty per 
cent, in foreign markets ; when the merchant needed the aid of additional 
loans to sustain him against the losses which he had incurred by the sudden 
reduction in the price of the commodities he had exported ; he was called upon 
to discharge loans previously contracted. The j^icnlturist, who saw his in- 
come reduced below his indispensable necessities; the manufacturer, who wa» 
not only struggling against foreign competition, bnt who saw the sale of bis 
manufactures reduced byiheincapacity of his customers to buy; in fact, all 
classes of the community, under circumstances so adverse to the command of 
funds, were subjected to curtailments wherever they had obtained discounts. 

All intelligent writers upon currency agree, that where it is decreasing in 
amount, poverty and misery must prevail. The correctness of the opinion 
is too manifest to require proof. The nnitcd voice of the nation attests its 
accuracy. As there is no recorded example in the history of nations of a 
reduction of the currency so rapid and so extensive, so but few examples 
have occurred of distress so general and so severe as that which has been 
Gihibitcd in the United Slates. To the evils of a decreasing currency are 
superadded those of a deficient currency. Bnt, notwithstanding it is 
deficient, it is still depreciated. In several of the Slates the great mass of 
the circulation is not even ostensibly convertible into specie at the will of 
the holder. During the greater part of the time that has elapsed since the 
resumption of specie payments, the convertibility of bank notes into specie- 
has lifen ralher nominal than real in the largest portion of the Union. On 
the part of the banks, mutual weakness had produced mutual forbearance. 
The extensive diffusion of bank stock among the great body of the citizens 
in most of the States, had produced the same forbearanre among individuals. 
To demand specie of the banks, when it wa^ known that they were unable 
to pay, was to destroy their own interests, by destroying the credit of the 
banks, in which the productive portion of their property was invested. In 
favor of forbearance was also added the influence of the great mass of bank 
debtors. Every dollar in specie drawn out of the banks, especially for ex- 
portation, induced the necessity of curtailments. To this portion of the 
conimnnity all other evils were light, when compared with the imperious 
demands of banks. Their exertions to prevent the drain of specie in the 
possession of those who controlled their destiny, equalled the magnitnde 
of the evils which were to be avoided. In most parts of the Union this 
forced state of things is passing away. The convertibility of hank notes 
into specie is beconding real wherever it is ostensible. If public opinion 
does not correct the evil in those States where this convertibility is not even 
ostensible, it will be the imperious duty of those who are invested with the 
power of correction to apply the appropriate remedy. 

DigtizedoyGOOJ^If 



1820-1 SECRETARY OP THE TREASURY. 487 

As the currency is, at least to some parts of the Union, depreciated, it 
mtisi, ill those parts, suffer a further reduction before it becomes sound. 
The nation must continue lo suffer until this b effected. Alter the currency 
shall be reduced to theamoutit which, when the present quantity of the pre- 
eiotis metaU is distributed among; tlie various nations of the world, in pro- 
portion to their respective exchangeable values, shall be assi^ed to the 
United States ; when time shall have regulated the price of labor and of 
commodities, accotdiog to that amount ; and when pre-existing enga^ments 
diall have been adjusted, the sufferings from a depreciated, decreasing, and 
deficient currency will be terminated; individual and public prosperity 
will gradually revive, and the productive energies of the nation resume 
their accustomed activity. But new changes in the currency, and circura- 
. stances adverse to the perpetuity of the general prosperity, may reasonably 
be expected to occnr. So far as these chancres depend upon the currency, 
theii recurrence, to an extent suIBcient to disturb the prosperity of the na- 
tion, would be effectudly prevented, if it could be rendered purely metallic. 
Id that event, we should always retani timt proportion of the precious me- 
tals which our exchangeable commodities bear to those of other nations. 
The currency would seldom be either redundant or deficient, to an extent 
that would seriously affect the interest of society. But when the currency 
is metallic, and paper convertible into specie, changes to such an extent, it 
is believed; will frequently occur. 

The establishment of banks which are restrained from issuing notes of 
small denominations furnishes ^reat facilities for the transmission of money, 
and increases the efficiency of the capital subject to their control, to the 
extent of the credit employed by them. The degree of facility afforded 
by them for the transportation or Iransmissioii of money, depends upon the 
extent of country within which their notes circulate and preserve a value 
equivalent to specie. Ordinarily, this extent is determined by the interior 
trade of the conntry ; they will circulate through the whole extent of coun- 
try, the produce of which is carried for sale to the place of their establish- 
ment. If they are established only in the principal commercial city of the 
nation, their notes will circulate through the whole extent of its tetrilory, 
and afford the greatest possible facility for the transmission of money. If 
tiiey are established in several of the commercial cities, iheir circulation 
will be circumscribed by the sections of country, the inhabitants of which 
trade to those cities. The facihty for transmitting monoy will be diminish- 
ed by their establishment. But if bonks should be established in all the 
interior towns, this iacility would be impaired to a still greater degree. In 
that event, their notes would circulate within very narrow limits ; bnt 
within those limits, the notes of the lianks in the commercial cities would 
no longer form part of the circulation. Should they, by accident, be car- 
ried within it, the first indii-idual having remittances to make, and into 
whose hands they might come, would nse them for that purpose. 

The degree of credit which a bank can employ, in proportion to its capi- 
tal, depends upon a variety of circumstances. If the community reposes 
great confidence in the prudence and integrity of those who direct its con- 
cerns ; if the capital employed is small in proportion to the demand for the 
transmission of money ; if there is no other bank whose local situation re- 
pels its circulation from those sections of country, the produce of which is 
ultimately carried to the place where it is estabHshed, the credit which it 
will be able to employ will be very great. Where all these fecilities are 



tizedoy Google 



488 REPORTS OF THE [1S20. 

Tantiog, the extent of the credit which it will etnjdoy will be very incoii- 
siderabie. The additional efficiency which, in the latter case, will be im- 
parted to capital invested in banks, will, it is believed, not countervail the 
evila which necessarily result from their establishment. 

Among the advantages which have been supposed most strongly to re- 
commend their establishment, especially in a community whose resources 
are rapidly expanding, tlieir capacity suddenly to increase the currency to 
the utmost demand for it has been considered the most important 

In a country where the currency is purely metallic, no considerable addi- 
tion can be made to it, without givincr, at the time of its acquisition, articles 
in exchange of equal value. No addition can be made to thecurrency with- 
out affecting, to the extent of such addition, the enjoyments of the cominu- 
nity. The amount so added will, to the same eitent, dimmish the quantity . 
of articles which would otherwise be imported into the country for domestio 
consumption, or for re-exportation. 

Ordinnrily, Ihe currency of one country will not be exported to another, 
because its value in every country is nearly the same. It will not, there- 
fore, like other commodities, command s commercial profit upon exporta- 
tion. It will betaken from one country to another, only when the pries 
of commodities in the former is so high as to produce a loss in the latter 
equal to the expense of transporting specie. It is this condition, annexed 
to every ocquisition to the currency of a state, when it is purely metallic, of 
diminishing, to the same cxient, the enjoyments of the community, which 
affords the most efficient protection against its becoming redundant. It is 
equally efficient in guarding against a deficiency to an extent that can se- 
riously affect the interest of the community'. But this condition is not an- 
nexed to the increase of the currency by the issue of bonk notes, ev«i when 
convertible into specie. The notes, by which the currencyissuddenly aug- 
mented, do not, in any degree, diminish the enjoyments of the community. 
No equivalent is, by such issue, transferred to another commnnity, as is in> 
variably done when an acquisition is made to a metallic currency. When- 
ever the currency can be augmented, exempt from such Iransfer, it must bo 
subject to some degree of fluctuation in quantity. Every addition made to 
the currency by the issue of bank notes changes the relation which previ- 
ously existed between the amount of the currency and the amount of the 
commodities which are to be exchanged through its agency. Their issue 
depends, not upon receiving in exchange afticles of equal value, but upon 
a pled^ of the credit of one or more individuals, to the amount of such issue. 
No evil con result to the community from the advance of the capital of a 
bank in exchange for the credit of individuals. In that case, no addition is 
made to the amount of the currency prwiously in circulation. It is perfect- 
ly immaterial to society whether this capital be lent by individuals or by 
corporations. The relation between the tnrrcncy wid the exchangeable 
commodities of the state is not disturbed. But when their credit is greatly 
extended, the currency is expanded, and that relation is deranged. An ex- 
pansion of the currency, through the agency of banks, will generally occnr 
only in periods of prosperity. During such periods, enterprise will be fos- 
tered, industry stimulated, and the comfort and happiness of (he people ad- 
vanced, without the factitious aid of nn expansive currency. But therecan' 
be no doubt that a sudden increase of the currency during; periods of pros- 
perity, through Ihe agency of bank issues, gives additional force and activity 
to the national enterprise. ^ Such an increase will be followed by a general 



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1820.] SECRETARY OP THE TREASURY. 489 

rise in tho value of all articles, especially of those which cannot be ex- 
ported. The price of lands, houses, and pnblic stock, will be augmented 
in a greater degree than if no such increase had taken place. 

If these prices could be mnintained, if they could even be protected 
against sudden reduction, they would be cause of grnlulation rather ttinn of 
complaint. But the expansion of the currency by^ the issue of paper, 'in a 
period of prosperity, will inevitably be succeeded by its contraction in periods 
of adversity. The extent to which the currency may be contracted, through 
the agtiscy of hanks, depends upon the use which they may have made of 
their credit. The excess of their discounts beyond their capital actually 
paid, determines the amount of the credit which they have employed. 
Thns, in 1813, the capital of the banks in the United States has been esti- 
mated at $66,000,000, and their discounts at $117,000,000. The extent to 
which their credit was then employed was $52,000,000. Their circula- 
tion, nt the sameperiod, has been estimated at $63,000,000. In this esti- 
mate DO allowance was made for notes stated to be in circulation, but which 
were probably in the possession of other banks. A reasonable deduction 
beinfif made on that account, it ia probable that the paper circulation did not 
mnch exceed $52,000,000. But the liability of the banks for specie was 
equal to the whole amount of notes represented to be in circulation, besides 
tbc individual deposites. To meetan immediate demand, they are estimated 
to have had $28,000,000 in specie. It the deposites of individuals should 
be estimated at $18,000,000, their ultimate means of meeting the demand of 
862,000,000, without sacrificing their capital, would consist of $10,000,000 
in specie, and 8.5.^,000,000 secured bjf the notes of individuals; this sum 
being the excess of their discounts over their capital. Under ordinary cir- 
cumstances, the basis upon which the credit of this circulation rested might 
be considered sufficient to sustain it. A debt of $117,000,000 could not, 
under the most adverse circumstances, be considered inadequate to meet one 
of $52,000,000. But, in the case of currency, the capacity of ultimate re- 
demption is not sufficient. The capacity to redeem it as it is presented is 
indispensable, Whenever the public confidence in this capacity is impaired, 
an immediate demand for specie will be created ; and, if it is not promptly * 
met, depreciatiou will ensue. But, even in circumstances in some d^ree 
adverse to the operations of banks, if their discounts consisted principally of 
notes founded upon real transactions, in which the idea of renewal was ex- 
chided, and if specie formed a considerable proportion of the circulation, 
the capacity of the banks to meet the demands upon them for specie might 
have been sufficient tosuslain thecreditof the currency. If, on the other 
hand, the debts due to tho banks consisted chiefly of fixed or permanent 
loans, genernily denominated accommodation paper ; if specie had been 
banished from circulation, ttflf.''^ '^"° ^^ dollar notes, the suspension of 
payment by the banks coul^Oail to be the result of any considerable pres- 
sure upon them for specie. In the foroier case, as their notes should be 
withdrawn from circulation, they would gradually be reduced to the demand 
for them for the transmission of money. If the effort to withdraw them 
should be continued beyond that point, specie would be paid into the banks 
by their debtors, in preference to bank notes ; and the just proportion be- 
tween the paper circulation, and the specie in their vaults, would be promptly 
restored. In the latter case, as the debts due to the banks would not, ac- 
cording to the understanding of the parties, become due at short intervals, 
the only mode of meeliDg the incteasing demanda opoo them for specie 



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490 REPORTS OF THE [1820. 

wouldbe to require of tbe whole mass ofdebtora the payment of a fixed pro- 
portion of the sums due by them. As the circumstaoces which would re- 
quire this measure, on the part of the banks, would generally affect the 
community in the same degree, the capacityof their debtors lo meet this de- 
mand would ^ncrally be touud to be in an inverse ratio to the demand. 
The demand itself, being inconsistent with the impression under whiqh the 
debt was contracted, would be resisted in every case where the interest of 
the debtor would be subserved by delay. As specie formed but an incon- 
siderable part of the currency, the reduction of tbe paper circulation would 
have to be carried to a greater extent than in the former case. A just propor- 
tion between the paper circulation, and the specie necessary to support it, 
could be obtained only by the positive reduction of the former, as it would 
be impracticable to increase the latter while the demand continued. Under, 
such circumstances, the suspension of payment would be the probable result. 

Such, in fact, were the circumstances under which the suspension lu 
1814 occurred. 

The injudicious multiplication of banks, where capitd in that form, to 
some extent, might have been useful ; the establishment of them where they 
could only be injurious ; the permission to issue dollar notes, by which spe- 
cie was banished from circulation ; and the demand for specie for exporta- 
tion, which existed during the years ISLSand 1814, imposed upon the banks 
in the middle, soulherti, and western States tho necessity of suspending 
payment. A longer effort to discharge their notes in specie would not only 
have been ineffectual, but would certainly have postponed to a more remote 
period the resumption of specie payments. The evils which have resulted 
to the commuuily from that suspension have certainly been great ; but it 
may well be doubted whetlier others of equal magnitude would not have 
been suffered, if that event had not occurred. The extent to whicli the cur- 
rency must have been reduced, in order to have avoided the suspension, 
could not have failed, at any period, to produce great embarrassment and dis- 
tress to the community. But in a time of war, when the country was in- 
vaded, when the public safety required that the energies of the nation should 
• be fully developed, a sudden and extensive reduction ofthe currency, by any 
cause whatever, would have been fatal. Under such circumstances, the de- 
mand for currency would have been too imperious to be resisted. It would, 
from necessity, have been supplied by the issue of Treasury notes. 

The fact that, in a small portion ofthe Union, specie payments were con- 
tinued, cannot be admitted as evidence that it was practicable throughout 
the nation. In that part ofthe country, the extensive bank issues, conse- 
quent upon loans to the Government in the middle States, had not occurred. 
Foreign trade, which in the other parts of the Union was nearly annihi- 
lated, still preserved there a languid existen^jjhrough the permission or 
connivance ofthe enemy. These circumstahcj^ could not fait to enable tbe 
banks iu the eastern States to continue specie payments totiger than those 
io the middle, southern, and western States. In an effort to preserve their 
credit, they would, inevitably, be the last which would fall. In such a 
struggle, however, Iheymust have failed, had not tbecirculalion of the paper 
of their weaker neighbors, and the issues of Treasury notes, come to their 
aid. But for this fdventitious assistance, wholly unconnected with the wis- 
dom and foresight of their directors, specie payments must have been stiB- 
pended there, of the best interests of the community bare been sacrificed. 
From that period, uduI the reaumption of specie payments in the early part 



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lEaO] SECRETARY OF THE TREASURY. 491 

of 1817, Treasury notes, and the notes of the banks which had suspended 
payment, formed the great mass of the circulation in the eastern part of the 
Union. Specie, or the notes of banks which continued to pay specie, form- 
ed DO part of the receipts of the Government in Boslon, and the districts 
east of that town, until about the close of the year 1816. 

In all great exigencies, which, in the course of human events, may be ex- 
pected to arise in every nation, the suspension of payment by banks, where 
the circulation consists principally of bank notes, is one of the evils which 
ought to be considered as the inevitable consequence of their establishment. 
Even in countries where paper does not form the principal part of the circu- 
tatioo, such an event will someiimes happen. In the year 1797, when the 
restriclion was imposed upon the Bank of England, the average of its circu- 
lation for several successive years was about £10,000,000 sterUne, whilst 
the metallic currency was estimated at £30,000,000. Yet, in that 'country, 
whose trade in time of war, through the protection of its fleets, was rather ex- 
panded than contracted, it was found necessary to authorize the bank to sus- 
pend payment; which suspension, after a lapse of twenty-three years, still 
continues. When the existence of banks depends upon the authority which 
regulates the currency, it may be pmclicable to impose salutary checks 
against excessive issues of paper during suspension ; and, in some degree, to 
^ard againstan excessive depreciation of the currency. But, where these 
institutions are created by an authority having no power to regulate the cur- 
rency, and especially where they are created by a great variety of authori- 
ties independent of each other, and practically incapable of acting in con- 
cert, it is manifest that no such checks or restraints can be imposS. It is 
impossible to imagine a currency more vicious than that which depends 
upon the will of nearly four hundred banks, entirely independent of each 
other, when released from all restraint against excessive issues. By the term 
currency, the issue of paper by Government, as a financial resource, is ex- 
cluded. Even such an issue, in a state where the reign of law is firmly 
established, and public opinion controls the public councils, would be pre- 
ferable to a currency similar to that which existed in some parts of the Uni- 
ted Stales during the general suspension, and which now exists in some of . 
the States. This truth has been practically demonstrated by the redemp- 
tion of the whole of the Treasury notes issued during the war, within the 
short space of about two years after the peace; whilst a large amount of 
bank notes, issued during the suspension, are yet unredeemed, and greatly 
depreciated. 

There can be no doubt that a metallic currency, connected with a paper 
circulation, convertible into specie, and not exceeding the demand for ttie 
facile transmissiou of money, is the most convenient that can be devised. 
When the paper circulation exceeds that demand, the metallic currency to 
the nmnuiit of the excess will be exported, and n liability lo sudden fluctu- 
ations to the same extent will be produced. 

If banks were established only in the principal commercial cities of each 
State; if they were restrained from the issue of notes of small denomina- 
tions; if tbcy should retain an absolute control over one-half of their capital, 
and ihe whole of the credit which they employ, by discounting to that 
amount nothing but transaction paper payable at short dates, the credit and 
stability of the banks would, at least, be unquestionable. Their notes could 
always be redeemed in specie on dematid. The remaining part of their 
Capital might be advanced upon long credits to manufacturers, and even to 
agriculturists, without the danger of being under the necessity of calling 



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492 REPORTS OF THE [1820. 

upon stich debtors lo contribute to their relief, if enier^ncies should occur. 
Such debtors are, in fact, unable to meet sudden exigencies, and ought 
never to accept of advances from lianks, but upon long credits, for which 
timely provision may be made. The latter class, of all others, is the least 
qualified to meet the sudden demands which a pressure upon banks compels 
them to make upon their debtors. The returns of capital invested in ngri- 
culture are too slow and distant to justify engagements with banks, except 
upon long credits. If the payment of the principal should be demanded at 
other periods than those at which the husbandman receives the annual re- 
ward of his toil, the distress which would result from the exaction would 
greatly outweigh any benefit which was anticipated from the loan. Tiiat 
the establishment of banks, in agricultural districts, has greatly improved 
the general appearance of the country, is not denied. Comfortable man- 
sions and spacious barns have been erected; lands have been cleared and 
reduced to cultivation; farms have been stocked, and rendered more pro- 
ductive, by the aid of bank credits. But these improvements will eventu- 
tuaUy be found, in most cases, to effect the ruin of the proprietor. The 
farm, with its improvements, will frequently prove unequal to the discharge 
of the debts incurred in its embellishment. Such, in fact, is the actual or 
apprehended state of things, wherever banks have been established in the 
small inland towns and villages. Poverty and distress are impending over 
theheadsof most of those who have attempted to improve their farms by the 
aid of bank credits. So general is this distress, that the principal attention 
of the State Legislatures, where the evil exists, is. at this moment, directed 
to the adoption of measures calculated to rescue their fellow-citizens from 
die inevitable effects of their own indiscretion. If, in affording a shield to 
the debtor against the legal demand of his creditor, the axe shall be applied 
to the root of the evil, by the annihilation of banks where they ought never 
to have existed, die interference, however doubtful in point of policy or 
principle, may eventually be productive of more good than evil. 

The general system of credit, which has been introduced through the 
agency of banks, brought home to every man's door, has produced a facti- 
tious stale of things, extremely adverse to the sober, frugal, and industrious 
habits which ought to be cherished in a republic. In the place of these 
virtues, extravagance, idleness, and the spirit of gambling adventure have 
been engendered and fostered by our institutions. So fur as these evils 
have been produced by the establishment of hanks where they are not re- 
quired, by the omission to impose upon them wholesome restraints, and 
by the ignorance or misconduct of those who have been intrusted with 
their direction, they are believed lo be beyond the control of the Federal 
Government. Since the resumption of specie payments, measures have 
been adopted in some of the States to enforce their continuance; in others, 
the evil has been left to the correction of public opinion. There is, how- 
ever, some reason to apprehend that the authority of law may be interposed 
in support of the circulation of notes not convertible into specie. 

But the Federal Government has, by its measures, in some degree, contrib- 
uted to the spirit of speculation and of adventurous enterprise, which, at 
this moment, so strongly characterize the citizens of this republic. The 
system of credit, which, in the infancy of our commerce, was indispensable 
to its prosperity, if not to its existence, has been extended at a period when 
the dictates of sound discretion seemed to require that it should be shorten- 
ed. The credit givea upoa the sale of the national domain has diffused 



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1820.] SECRETARY OF THE TREASURY. 493 

lliis spirit of speculation and of inordinale enterprise among the great 
mass of our citizens. The public lands lire purchased, and splendid towns 
erected upon them, with bank credits. Every thing is artificial. The rich 
inhabitant of the coiumerciiil cities, and the tenant of the forests, differ only 
ia the object of their pursuit. Whether commerce, splendid mansions, or 
public lands, be the object of desire, the means by which the gratification 
is to ba secured are bank credits. - 

This state of things is no less unfriendly to thedurntion of our republican 
institutions than it is adverse to the development of our national energies, 
when great emergencies shall arise; for, upon such occasions, the attention 
of the citizen will be directed to the preservation of his property from the 
efaip of his creditors, instead of being devoted to the defence of his country. 
Instead of being able to pay with promptitude the contributions necessary 
to the preservation of the slate, he will be induced to claim the interference 
rfthe Goveniment to protect him against the effects of his follyondextrav- 
iigance. 

This ouglit not to be the condition of a republic, when menaced by 
foreign force or domestic commotion. Such, it is apprehended, will be the 
condition of the United Slates, if the course which has been pui^ued since 
the commencement of the late war is not abandoned. Since that period, it 
is believed the number of banks iu the United Slates has been more than 
doubled. They have been established in the little inland towns and villages, 
anil have brought distress and ruin upon the inhabitants. When the cause 
and the extent of the evil are known, no doubt is entertained that the appro- 
priate remedies will be applied by those who, in our complex form of 
government, are invested with the necessary authority. 

Bnt the resolution requires the Secrelaryof the Treasury " to report such 
measures as, in his opinion, may be expedient to procure, and retain, a 
sufficient quantity of gold and silver coin in the United States," 

It has already been suggesled, that, if the currency was purely metallic, 
or connected with paper convertible into specie, to the extent only of the 
demand for the transmission of money, the United States would retaiu that 
proportion of the precious metals which the value of their exchangeable 
commodities bore to those of other states. But if paper can be made to 
circulate independent of its employment in the transmission of funds, gold 
and silver, to the same extent, will be exported. If paper will be received 
and employed generally as the medium of exchange, and especif.Ily if it 
is issued in bills of small denominations, the amount of specie which witi- 
be exported will be great in proportion to the paper in circulation. If this 
position be correct, the power of Congress will be insuflicient to ret&in any 
considerable portion of gold and silver in the United Stales. Bank notes, 
iiom one dollar to those of large denorainalions, have circulated, and it is 
presumed will continue to circulate, independent of its authority. As long 
as baub notes will be received as a substitute for specie, the quantity of 
specie necessary for currency will be smalt, and may be easily retained 
without the aid of Government. But the demand for specie, where the 
circulation ifl principally paper, is extremely fluctuating. When there is 
Imt litUe or do demand for it, the temptation to increase their discounts, by 
the issue of more paper, is too strong to be resisted by banks. When a 
demand for «pecie arises, the currency has to be suddenly diminished by the 
contraction of their discounts. Fluctuation in the amount of the currency, 
produced by this means, is the principal mischief to be remedied. These 
fluctuations will frequently oocm in ereryetale where the coneacy is [Nria- 



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494 REPORTS OF THE [1820. 

cipully paper conTertible into coin. In the United States, where the specie 
exported as a primary article of commerce to the East Indies and to China 
bears so large a proporlioii to the metallic currency of the country, they 
must not omy be more frequent than in states where no such commerce 
exists, but more extensive in their efTecIs. The demand created for Spanish 
milled dollars, by the exportation of specie, in the prosecution of this trade, 
has, without doubt, caused their importation to an extent which otherwise 
would not have occurred. As this demand is, in some degree, contingent, 
the supply will also be contingent. When it exceeds the demand, the banks 
will be templed lo new issues of paper. When it is deficient, the deficien- 
cy will be drawn from the banks, and will cause n sudden diminution of 
(he currency. If (his diminution could be limited to the amount of (he 
deficiency thus drawn from the banks, the evil would be no greater than if 
the currency were metallic. But this is not the fact. When the paper cir- 
culation is returned upon the banks for specie, prudence requires that an 
effort .'should be made to preserve the same proportion between the specie 
in their vnnlls and their notes in circulation, as existed at the moment the 
pressure commenced. If the paper in circulation should be three times the 
amount of specie in the possession of the banks, n demand npon them for 
$1,000,000 of specie would produce a diminution of $3,000,000 in the cur- 
rency, if the specie should be exported, nnd of $2,000,000 if it remained 
in the country. It is even probable that the comparative diminution trould 
exceed this ratio. As (he demand increased, apprehensions would be ex- 
cited for tho credit of the banks ; the exertions produced by that apprehen- 
sion would correspond with the magnitude of the evil to be avoided, rather 
than with the positive pressure. This, it is presumed, would be the effect 
of such an emergency, where banks had not become famiharized with 
bankruptcy, and were not countenanced by society in a course of conduct 
which, in private life, would be considered dishonest. 

If, by any constitutional exercise of the power of Congress, hanks can be 
restrained, first, from issuing notes of small denominations ; and secondly, 
from excessive issues, when their notes are not returned upon them ibr 
specie ; fluctuations in the currency, to an extent to derange the interests of 
■society, may be prevented. But if the imposition of these restraints are 
not within the constitutional powers of Congress, the evils which have 
been sufiercd for the want of those restraints must coniinui-, until the pre- 
sent system of bonking shall be abandoned. 

In &n inquiry into the state of the currency, the consideration of the 
coinage is necessarily involved. The principles upon which the coinage 
of the United States has been established are substantially correct. The 
standard fineness of the gold coinage corresponds with the coinage of Eng- 
land and Portugal. The standard of the silver coinage differs but little 
from that of Spain. The American dollar is intrinsically worth about one 
per cent. less than the Spanish milled dollar. This difference, if the Span- 
ish dollar had not been made a legal tender, might have secured to (he na- 
tion a more permanent use of its silver coinage. American dollars would 
not be exported, as long as Spanish dollars could be obtained for thai pur- 
pose, at a reasonable premium. If this latter coin was not a legal lender, 
the banks might afford to import it, and might sell, at a fair premium, the 
amoiuit which might be required of them for the China and East India trade. 
The relative value of gold and silver has been differently established in 
different nations. It has been different in fhe same nation at different pe- 
riods. 1q Bngliuid, an ounce of gold is equal in value to {d)OUt 16.2 ouuces 



1820.] SECRETARY OP THE TREASURT. 495 

of ■Iver; in France, it is equal lo 15.5; and in Spain and Portugal, to 
16 ounces. In the United Stales, an ounce of gold is equal to 15 ounces of 
silver. But the relative value of these metals in the markets frequently 
differs from that assigned to them by tlie laws of the different' civilized states. 
It is believed that gold, when compared with silver, has been for many yeart; 
appreciating in value; and now everywhere commands in the money 
markets a higher value than that which has been assigned to it in states 
where its relative vaiiie is grealest. If this be correct, no injustice will 
result from a change in the relative legal value of gold and silver, so as to 
make it correspond with their relative marketable value. If gold, in rela- 
tion to silver, should be raised five per cent., one ounce of it would be equal 
to 15.75 or 15J ounces of pure silver. This augmentation in its value 
would cause it to be imported in quantities sufficient to perform all the 
functions of currency. As it is not used to nny considerable extent as a 
primary article of commerce, the fluctuations to' which the silver currency 
is subject from that cause would not affect it. It would be exported only 
when the rate of exchange ngainstthe country should exceed the expense 
of exportation. In ordinary circumstances, such nstate of exchange would 
not be of long continuance. If the currency of the United States must, of 
necessity, continue lo be paper convertible into specie, an increase of the 
^1d coinage, upon principles which shall aflbrd the least inducement to 
exportation, is probably the most wholes5me corrective that can be applied, 
after the rigid etiforcement of that convertibility. 

The copper coinage is believed to be susceptible of improvement. Cop- 
pet itself is too massive to serve the purposes of change. One hundred 
cents are too cumbrous lo be carried, and used in the numberless transac- 
tions which daily occur between individuals. Coin, compounded of silver 
and copper, of from one to ten cents, would be much more suitable for that 
object. This kind of coinage has been adopted in other countries witii 
great advantage. 

It has, however, been objected to this coinage — 

J . That, as compounded metals are much harder than the component 
inCTedients, it would be difficult, and consequently expensive, to work. 

2. That the coin itself would beof little or nointrinsicvalue; copperor 
brass being of superior value in the manufactures to which it might be ap- 
plied : and that tlie public would scarcely submit to the circulation of a 
coin 60 worthless. 

3. That it might be counterfeited by a composition of zinc and copper. 
After giving to these objecltons their due weight, it is believed that a change 

of this nature., in the copper coinage, would be beneficial. Although the ex- 
pense of such a coinage should be twice as much as that of an equd number 
of silver coin, still it might be advantageous. Small change, both of silver 
and copper, may be abundant in Philadelphia, the seat of the mint ; but it is 
Dot generally so elsewhere. If it were, tickets of 6f, 10, 12^, 25, and 50 
- cents, issued by mayors and corporation officers, and dollar bills torn in 
two pieces, for the purposes of change, would not be employed for that pur- 
pose. This single fact is an answer to the second objection. The fractional 
parts of a dollar are so indispensable in the transactions of individuals, that 
any thing which assumes that character will be employed. If the tickets, 
which, at this moment, form so great a portion of the change of this city, 
and of various other places, are employed for that purpose, it is incon- 
ceivable that the community should refuse to permit a compound coin of 
silver and copper to circulate, ccntainiug the intrinsic value which it repre- 



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496 BEEHMITS OF THE [1828. 

senis, merely because for maDufactuies it will not be worth more than br<iBB 
or copper, and that the expense of refining will be equal to llic value of the 
silrer. Change — that is, the Iractioual parta of a dollar — is so indigpensable 
to the community, that its iaapplicabilily to maniifaciures', and its exemp- 
tion from liability to exportation, instead of foriniiig objections, ojre reoom- 
mendatioQS in its favor. 

The objection that this coin may be easily counlerfeiied, is, if it cnnnot 
be obviated, eotided to great consideraUon, As has been before stated, this 
compound coinage has been successfully practised in other etales. If com- 
pound metals are much harder than their component ingredie;its, may not 
a sufficient security against counterfeiting be derived from that circum- 
stance? The dimensions and power of the machinery, which coustitufe 
one of the objections to the coina^, will render it extremely difficult to se- 
cure that secrecy and concealmeut which are indispeuEable to the success 
of the counterfeiter. If this compound coinage should not be carried higher 
than ten cent or dime pieces, the inducement, compared with ibe danger 
of detection, resulting from the magnitude of the niachinery, would not, it 
iq believed, be sufficient to encourage counterfeiting. If, however, it should 
be deemed impracticable to guard against this evil, in a coinage composed 
of silver and copper, an attempt might be made to obtain a supply of small 
change, by a mixture of silver and zinc : the danger of counterfeiting would 
then be removed. 

As various plans have been suggested during the last twelve months, for 
alleviating the general distress which has prevailed, by the emission of a 
i&rge amount of Treasury notes, a few observations on that subject will 
close this part of the report. 

If Treasury notes are to be issued for this purpose, they will bn either re- 
ceivable in all payments to the Government, or they will be made redeem- 
able at a fixed period. 

1. If they are made receivoble in all payments to the Goremmenl, the 
revenue will, from the time that $5,000,00U are issued, be substantially re- 
ceived in them. The Government wilt be immediately unable to pay the 
interest and reimbursement of the public debt in specie, as it becomes due. 
These notes, when compared with the notes of the Bank of the United 
States, will be ot a discount. The latter notes, independently of their be- 
ing everywhere receivable in all payments to the Government, ore con- 
vertible, at the place of iheir issue, into specie. They are equal to the 
Treasury notea inpayment of the revenue, and superior to them, as they 
can command specie when the holder shall desire it. 

If the 14tb section of the bank charter was modified, so that the notes of 
the bank and of its offices should be receivable by the Government <Hily 
when tendered where they are made payable, a small amount of Treasury 
Dotes might be issued, and circulated, without depreciation. In that case^ 
they would be used for the transmission of money, and would be in cooslaitt 
demand for that purpose. It is the reception of wb notes of the Bank of the 
United States, and it« offices, by the Government, wherever they nre ten- 
dered, that causes them to be considered as a good remittance throughout 
the United States. If they should cease to be so received, a demand for 
Trefflury notes to a small omoimt, for the transmission of money, would be 
create!^ and would preserve them from depreciatipn. If the notes thus 
issued should be made Fedeemable at the Treastiry in specie, upOD dar 
mand, the uoouat which might be put and retaioJed in circulation would 
ft^mbly exaeei, to a ccoaidenUe extent, tbe sum d«KMtded for Ibe Xacile 



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IS20.] SECRETARY OP THE TREASURY. 497 

transmission of money. Such Treasury notes would, however, have noad- 
ranlage over the notes of the Bank of the United States, as long as they are 
receivable in all payments to Ae United Stales, without reference to the 
place where they are payable. It is e\'en probable that they would not be 
of equal value and currency with those notes, as the latter would ^nerally 
be made payable in the principal commercial cities, where remittances are 
continually made, whilst the Treasury notes would be payable only at this 
place. If Treasury notes, payable in specie, on demand, when presented at 
this place, shonld be preferred to the notes of the Bank of the Ouited Stales, 
it would be in consequence of the abuses which have been practised by 
banking institutions, which have, in some degree, shaken the public confi- 
dence in the integrity of their direction. 

2. If Treasury notes were to be issued, not receivable in payments to the 
Gorerument, but redeemable at a fixed period, they would immediately de- 
preciate, unless they bore nearly six per cent, interest. In the latter case, 
they would be of little more use, as currency, than the funded debt. They 
would not perform the functions of money. 

3, In any case whatever, whether they are receivable in payments to the 
Government, or bear an interest, and are redeemable at a fixed period, tliey 
will afford no substantial relief where the distress is ^eatest, unless they 
shonld be advanced as a loan in order to alleviate that distress. If they are 
to be issued from the Treasury, in discharge of the demands upon the Gov- 
ernment, they would never reach those sections of country where relief is 
most required. There the Government already collects more than con be 
expended. One of the causes of this distress is the necessity of transferring 
the public funds from those sections, for the purpose of being expended, to 
those where there is no deficiency of currency. 

As a financial resource, the issue of Treasury notes is justifiable only where 
the deficiency which they are intended to supply is small in amount and 
temporary in its nature. As a measure of alleviation, it will be more likely 
to do harm than good. If a sufficient amount of those notes, of any descrip- 
tion whalever, should be issued, and put into circulation where they are 
most wanted, unless they wore given away, a debt in that part of the 
Union would be contracted to the extent of the issue. It might enable the 
borrowers to pay debts previously contracted, but their relative situation 
woald bo the same. Unless the currency became vitiated by the relief 
wbich was afforded, the ultimate payment of the debt would consummate 
the ruin which the measure was intended to prevent. But it is probable 
that the sums which might be advanced, by way of loan, would, in a great 
deejee, be lost. The Government is not, from its nature, qualified fi}r ope- 
rations of this kind. The general system of credit which has been intro- 
duced by the agency of banks, and by the inevitable effect of the measures 
of the General Government, has produced an artificial state of things, which 
requires repression rather than extension. The issue of Treasury notes, 
for the purpose of alleviating the general distress, would tend to increase 
this nnnatural and forced state of things, and give to it a duration whic^ 
it would otherwise never attain. If much of the evil resulting from a *^ 
creasing currency had not already been suffered, there might be somepW^s- 
ible reason for urging the issue of Treasury notes as a measure of Qievia- 
tion. This ground cannot be urged in its favor; it is. therefore^defen- 
able, upon the ground of expediency, as well as of principle, 

The last member of the resolution assumes, by implicatioit. Ac practica- 

Ulity of substituting, by &e constitutitmal exercise of the foweis of Cm- 

gress, a paper currency for thia which now exists. ^-- ^_, j„ 

Tot, n.— 32 „v^.003*i. 



498 REPORTS OP THE [1820. 

In considering this proposition, the power of Congress orer the currency 
of the Uniied Slates cannot, consistently with the lespect which is dae to 
that body, be either affirmed or denied. It cannot be supposed that the 
House of RepreseDtatives, in adopting the resolution in qiiesiion, intended, 
through ihe nffency of an executive department of the Government, lo in- 
Etilute an inquiry as to the extent of the constitutional authority of a body 
of which it is only a constituent member. Yet jt wil! necessarily occur to 
the House, that if'^the power of Congress over the currency is not absolutely 
sovereign, the inquiry, whatever may he its immediate result, must be with- 
out any ultimate utility. The general prosperity will not be advanced, by 
demonstrating that there is no intrinsic obstacle to the substitution of a pa- 
per for a metallic currency, if the power to adopt the substitute has been 
withheld from the Federal Government. Without offering; an opinion upon 
the weight to which these views would have been eutillcd, had they been 
Ufged whilst the resolution was imder consideralion, it is admitted that 
they fnmish do ground for declining the performance of Ihe duty imposed 
by its adoption. In the discussion of a question of so much delicacy and 
importance, the utmost confidence is reposed In the justice and liberality of 
those who have rendered it indispensable. 

At the threshold of this inquiry, it is proper to observe, that it is deemed 
unnecessary to present an analysis of the motives which led, even in the 
most remote antiquity, to the general adoption, by civilized states, of gold 
and silver as the standard of value, or of the advantages which have result- 
ed from that adoption. The circumstance to which, in the course of this 
investigation, it will be necessary to advert, is the tendency which a metal- 
lic currency has to preserve a greater uniformity of value than any other 
commodity ; and the facility with which it returns to that value, whenever 
by any temporary causes, that uniformity has been interrupted. No ail- 
ment will, in this place, be offered in support of this proposition. It is 
founded in the experience of all nations. Its truth, for the presCTit, will, 
therefore, be assumed. But the proposition itself admits that gold and sil- 
ver, when employed by the consent of all civilized states as liie standard of 
value, are subject to temporary variations of value. It is equally true that 
they are subject to permanent variations. The cause ana effect of these 
changes will be considered previously to the discussion of the practicability 
of substituting a paper for a metallic currency. 

1st. "When, by any circumstance whatsoever, a greater portion of these 
metals is found in a particular state than is possessed by other states hav- 
ing articles of equal value to be exchanged, they will, in such state, be of 
less value than in the adjacent states. This will be manifested by an in- 
crease in the price of the commodities of such state. This increase of price 
will continue until the metallic redundancy is exported, or converted into 
manufactures. Whenever this redundancy is disposed of, the currency 
will return to its former value ; and the price of other commodities will be 
i^ilaled by that vahie. 
^d. But the exportation of specie may take place where there is no such 
reamdancy. This occurs whenever the general balance of trade continues, 
for s(me time, unfavorable (o a particular state. The currency then appre- 
ciates revalue, and the price of alL other commodities in such stale is di- 
minisheo.^ As commerce is nothing more than the exchange of equiva- 
lents, the rei)]ction in the price of the articles of such state, and the increased 
value of the Mirrency, will promptly produce a reaction ; and gold mad sil- 
Ycr will soon ret^im in tiie quantities lequiied to niase their value to that 



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1820] SECRETARY OP THE TREASURY. 499 

vhich they maintaiii in the adjacent states. With the return of specie, 
all other atlicles will return to the prices which they commanded before its' 
exporuition. Like Suids, the precious metals, so long as they are employed 
as the general measure of value, will constantly tend to preserre a common 
level. Every variation from it will be promptly corrected, without the in- 
tervention of hdman laws. These fluctuations, being temporary in their 
nature, ore wholly independent of the permanent causes which may affect 
the value of gold and silver, when employed as the general standard of value. 
They will equally occur, whether the quantity of these metals, csmpared with 
the exchanges which they are destined to effect, be redundant or deficient. 
The limits, however, within which these fluctuations are confined, are so 
contracted that the great interests of society cannot be seriously affected by 
them. But this oteervation must bo understood to apply to a currency 
purely metallic, or, at least, when the paper which is connected with it does 
not exceed the demand for the convenient transmission of money. 

3d. Gold and silver, when employed by the common consent of nations 
as the standard of value, are subject to variations in value, from permanent 
causes. When their quantity is increased more rapidly than the articles 
which are to be exchanged through their agency, their price will fall ; or, 
what amounts to the same thing, the price of all exchangeable articles will 
rise. It has been admitted by all intelligeut writers upon this subject, that, 
immediately after the discovery of America, towards the close of the firieenlh 
century, a suddcti and extensive depreciation in the value of these metnls 
occurred ; and that, from that lime to the close of the eighteenth century, 
they continued gradually to depreciate. This depreciation, it is believed, 
has been accelerated during the last century, as much by the substitution of 
paper for specie, as by the increase in the quantity of those metals during 
(hat period, beyond the demand which would have existed for them, as cur- 
rency, had that substitution not taken place. The precise effect uponthe 
depreciation of these metals, produced by the partial substitution of paper, in 
various countries, for a metallic currency, will not now be inquired into ; bnt 
it is generally conceded, that the depreciation has been more rapid since that 
substitution than at any former period ; except when the accumulated stock 
of ages in the new world was broutrht into Christendom, and thence dis- 
tributed into every other region where gold and silver were in demand. Since 
the close of the last century, donbts have existed whether those metals, even 
wheti employed as currency, have not appreciated in value ; and it is con- 
tended, by Iho advocates of a paper currency, that this appreciation will 
probably continue through a long succession of years, and seriously affect all 
the operations of the civilized world. It Is maintained by these writers, (hat 
the demand for currency, at present, throughout the world, is greater than 
the supply which the existing quantity of the precious metals will affiird, 
without materially dcpref^sin^ the price of all (he objects of human indnstry 
and human desires. When it is recollect^ that production is regulaled by 
demand, and that botharedirectlyeffeciedby the quantity of currency com- 
pared with the quantity of articles to be exchanged, it is readily perceived 
that an increase in the currency of the world, by the substitution ofpaper, 
even when convertible into coin, will increase the quantity of excHange- 
able commodities in the world beyond what would have existed hitd such 
increase o[ currency not taken place. Under such circumstances, n siiddeit 
reduction of the currency, by the rejection of the paper which had been em- 
ployed, could not fail to derange all the relations of society, by diminishing 
the qtuntlty oi cnnency, whi&t the articles (o be excbaiiged thtou^ ilg 



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600 REPORTS OP THE IIS20- 

agency would suffer no such diminution. An immediate depression in tlie 
price of all commodities would belhc inevitable coisequence of an unquatj- 
ned return to a metallic currency, upon (he supposition thnl the quantity of 
gold itnd silver annually produced shonid remain undiminished. But, if 
tbis return to a metallic currency should be attempted at a period when 
the annual product of these metals, eitber from temporary or pcrmaneni 
causes, should have considerably decreased, all the great iutercsts of society 
would be most seriously disordered; property of every description would 
rapidly fall in value; the relotions between creditor and debtor would be 
violently and suddenly changed. This chang;e would be greatly to the in- 
, jury of the debtor ; the property which would be necessary to discharge his 
debts, would exceed that which he had received from his creditor ; Ihe one 
would be ruined without the imputation of crime, whilst the other would be 
enriched without the semblance of merit. Until the engagements existing 
at the moment of such a change are discharged, and the price of labor and of 
commodities is reduced to the pro)>ortion which it must bear to the quantity 
of currency employed as the medium of their exchange, enterprise ofeverj- 
kind will be repressed, and misery and distress universally prevail. AVhcii 
this shall be effected, the relations of society, founded upon a new basis, wilt 
be equitable and Just, and tend to promote and secure the general prosperity. 
Such, it is contended by the advocates of a pnpcr currency, are the cir- 
cumstances under which the principal states of Europe are endeavoring to 
return to a metallic currency. For a century past, the currency of those 
states has been greatly increased by the employment of pnper, founded, it is 
true, originally upon a metallic basis. During the last twenty years, this 
paper has ceased to be convertible into specie; and, as no systematic effort 
has been made to prevent excessive issues, it has become redundant, and 
consequently depreciated. Notwithstanding this depreciation, the produc- 
tions of those countries, it is believed, have more rapidly increased, than 
those of countries where a metalUc currency has been preserved. The first 
efforts that are seriously made by those states to return to a metallic cur- 
rency, will be the repression of enterprise of every description among them- 
selves. It will be foreseen that the currency must appreciate, and that all 
other articles must depreciate in value. The effects of this appreciation of 
money will be first manifesti^ in those states by the fall of the price of all 
article* which cannot be exported. In the progress of these measures, the 
price of the exportable articles wilt also be afiected, by the reduction in the 
currency employed in effecting their exchonge. It is even probable that 
the quantity of exchangeable articles will be diminished. Whilst the ap- 
preciation of the currency is perceptibly advancing, the manufacturer will 
not hazard his capital in producing articles, the price of which is rapidly 
declining. The merchant will ab^n from purchasin?, under the appre- 
hension of a further reduction of price, and of the difficulty of revending at 
a profit. It is even probable that the interest of money will fall, whilst the 
cry of a scarcity of money will be incessant. Under such circumstances, 
loans will not be required, except to meet debts of immediate urgency. 
None will be demanded for the prosecution of enterprises by which the 
productive energies of the community will be increased. 

As the measures which have been adopted by England, and several of 
the continental states of Europe, for returning to a metallic currency, ad- 
Ysnce, the interests of tlioee states which have adhered to it will be affect- 
ed. Whibt gold and silver were, in the former states, dispensed with as 



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IS20.1 SECRETARY OF THE TREAiSURY. 501 

coin, Ihey were souglit for nieiely^ as commodities. The quantity necessa- 
ry for iheir manul^cliues was readily obtained, without deranging, in any 
serious degree, the currency of other stRtes. 

It has b^ii estimated thnt irom eighty to one hundred and twenty mil- 
lions of dollars were necessary to England. Taking the mean sum, and ad- 
mitting that the other European states engaged in the same effort require 
an equal amount, a supply of two liundred millions of dollars is necessary. 
Tho commencement of the measures necessary to obtain that portion of this 
sum, which cannot, in a short time, be drawn irom the annual product of the 
mines, may not be immediately felt by other states. But, when these mea- 
sures approach their completion; when a large quantity of gold and silver 
is necessarily withdrawn from the currency of other states, the price of 
■specie will, iu the latter, appreciate, and the price of all commodities will 
decline. All the evils incident to an appreciating currency will be felt in 
those states, though in a less degree than where a paper currency had been 
leiclusively adopted. The example presented by the return to a metallic 
currency in France, even in the midst of a revolution, which probably had 
some induence upon the decision of this question by other slates, is believed 
to be, iu no degree, analogous in its principal circumstances. At tbo pre- 
cise period that this change was operating, England, and the principal coa- 
(iueutul stales, abandoned the precious metals as currency. The supply de- 
manded by France was not only at hand, but was seeking the very employ- 
ment which ttiat chunge had made indispensable. At the same time, im- 
mense sums were brought into France by her conqnerina; armies, which, 
being raised by military contributions, had, in some degree, rendered a re- 
sort to paper currency in the invaded stales necessary. At present, the 
civilized world Is at peace, and each state is endeavoring, by systematic 
measures, to secure to itself a jtist participalion of tlie benefits of equal and 
reciprocal commerce. The stales which are now nttemplingto return to a 
metallic currency, will find much greater difficulty in eSecling this change 
thiin was experienced by France. 

The demand for gold and silver, as the medium of exchange, cannot be 
supplied until the price of all exchangeable articles has fuUen in proportion 
to the reduction of the currency, whicli the abandonment of paper must 
produce. It is even probable, as has been before suggested, that, after the 
price of commodities and of labor shall have fallen so as to bear a just pro- 
portion to the currency which is to be employed in effecting the necessary 
exchanges, the currency will coniinuc gradually to appreciate. This, 
however, is matter of conjecture. It depends entirely upon the fncl, whether 
the annual produce of ihe mines, after furnishing ttie quantity necessary for 
the consumption of the precious metals in manufoctures, will be equal lo the 
increased demand for currency, arising from the increase of exchangeable 
commodities throughout the world. The greot advancement in the arts and 
sciences — the rapid improvement in machinery— whichcharacterize the pre- 
sent age, acting through a long succession of ages, cannot &il to augment, id 
an asionishins degree, all the products of human iudaslry. 

It may, however, be urged, lliat the same improvements will augment, 
in an equal degree, the product of the mines; and that, therefore, the quan- 
tity of tile precious metals in (be world will cootiuue lo bear, to other com- 
modities, the same relation which they may assume when the return to a 
metallic currency is effected. This may be true; but, so lar as it depends 
upon the general principle, that the supply of all article's is r^iulated by the 
demand, there is reasonable ground of doubt. The maxim, although good 



602 BEPORTS OF THE [1820. 

Bs a general rule, admits of exceptions. A demand beyond (he snpply, in- 
creaGes the price of the thing demanded, and invilea to the invesiiuent of 
Additional capital in its production. But, when the article demanded is to 
be produced from a material which no investment of capital, no application 
of ekill, can augment, the only effect of such investment and application is 
to produce the most which the material has the capacity to furnish. Such, 
in fact, b the cose of gold and silver. The roaleria) from which they are 
made is limited in quantity, which neither capital nor Gkill can augment. 
It is probable that tlie impiovemcnla in mncbinery, and the art of refining, 
wilt be counterbalanced by the exhaustion of the mines, or the difficulty of 
working them, arising from the depth and extent of their excavations, ft 
is therefore possible that the demand for the preciona metals, for currency 
and for manufactures, may exceed the production of the mines. 

Previously to entering upon the immediate discussion of the practicability 
of substituting a paper for a metallic currency, it is proper to observe, that 
gold and silver derive part of the uniformity of value which has been ascribed 
to tfaem from the general consent of civilized states to employ them as the 
standard of value. Should they cease to be used for that purpose, they 
would become more variable in their value, and would be regulated, like all 
other articles, by the demand for them, compared with the supply in any 
^ven market It is presumed, that, if they should cease to be employed 
as the standard of value by several states, their uniformity of value would 
be in some degree affected, not only in those states where they were con- 
ndered as mere commodities, but in those where they were still employed 
AS currency. Whenever, as commodities, they should rise in value, a draio 
would take place from the currency of other states; and when they should 
fell in value, as commodities, Ihey would seek employment as currency, 
and render in some degree rednndant the currency of the stales where 
they are employed. After making due allowance for the depreciation of 
bank notes in England from the time of the bank restriction, in 17f)7, to 
the present period, the price of gold and silver in tliat country is believed 
to have varied more than at any former period. Their price, when com- 
pared with bank notes, from the year 1797 to 1S08, showed but a slight 
degree of depreciation; considerably loss, in all human probability, than 
actuolly existed. During that interval, the demand for those metals was 
limited, in Englond, to the sum required for manufaclnres. It is highly 
probable, that, if the quantity of the paper circulation had been reduced to 
the amount of the currency in circulation at the time, or for one year before 
the restriction, the price of bullion would have been below the mint price. 
On the contrary, in the year 1808, when the employment of a British force 
in Spain created n sudden demand for specie, the depreciation of banknotes, 
indicated by tlie price of bullion, was probably greater than that which really 
existed. In the year 1814, after the treaty of Paris, the price of bullion, 
estimated in bank paper, was not above the mint price; whilst in the suc- 
ceeding year it rose to more than twenty per cent, above that price : the 
amount of bank notes in circulation at the former, exceeding, in a small 
degree, that of the latter period. It is impossible that these variations in 
the price of gold and silver, in the short space of one year, can be entirely 
ehaigeable to the depreciation of bank notes. Theeffect which these vari- 
ations, in a great commercial state, where the precious metals were con- 
sidered only as commodities, were calculated to produce upon the currency 
of the neighboring states, has not been ascertained. The convubions to 
which most of these states were subject during that period may account 



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1820] SECRETARY OF THE TREASURY. 603 

or the want of sufficient data to elucidate the subject. It is, however, highly 
improbable that these fluctuations were not sensibly felt by them. 

Having considered the nature and extent of the variations in value to 
which a metallic currency is necessarily subject, it remains to examine 
whether it is practicable lo devise a system by which ar paper currency may 
be employed as the standard of value, with sufficient security against vari- 
ations in its value, and with the same certainty of its recovering that value, 
when, from any cause, such variation shall have been produced. It is dis- 
tinctly admitted that uo such paper currency has ever existed. V^bere the 
experiment has been made directly by Government, excessive issues have 
quickly ensued, and depreciation has been the immediate consequence. 
Where the experiment ha.f been attempted through the agency of banks, it 
has invariably failed. In both cases, instead of being used as a mean of 
Bupplying a cheap and stable currency, invariably regulated by the demand, 
for effecting the exchanges required by the wants and convenience of society, 
it has been employed aa a financial resource, or made the instrument of on- 
restrained cupidity. In no case has any attempt been made to determine 
ibe principles upon which such a currency, to be stable, must be founded. 



f salutary restraints being imposed upon the moneyed institutions 
which have been employed, the vital principle of whose being is gain, they 
have not simply been left to the guidance of their own cupidity, but have 
been stimulate to excessive issues, to supply deficiencies in the public 
revenue. This is known to have been the case, in an eminent degree, in 
the experiment which has been attended with most success. The issues of 
the Bank of England, on account of the Government, were frequently so 
great as to destroy the demand for discou